Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Cirrus Logic, Inc.

  Law Offices of Howard G. Smith Announces Investigation on Behalf of
  Shareholders of Cirrus Logic, Inc.

Business Wire

BENSALEM, Pa. -- February 8, 2013

Law Offices of Howard G. Smith announces that it is investigating potential
claims against Cirrus Logic, Inc. (“Cirrus” or the “Company”) (NASDAQ:CRUS)
concerning possible violations of federal securities laws. The investigation
focuses on allegations that certain statements issued by the Company between
July 31, 2012 and October 31, 2012 regarding the Company’s business and
financial prospects were false and misleading.

Cirrus develops signal-processing integrated circuits for audio and energy
markets. The investigation is related to allegations that the Company
misrepresented or failed to disclose that: (1) the Company’s dependence for
revenues on its biggest customer -- Apple, Inc. -- was increasing rather than
diminishing; (2) the Company’s sales growth was declining rather than
increasing; (3) difficulties in its supply chain and at its vendors were
increasing Cirrus’s costs and diminishing the Company’s profit margins; (4)
the launch of several models of Cirrus’s new LED lighting had been delayed;
and (5) as a result, Cirrus’s increased fiscal 2013 guidance was not
attainable.

On October 31, 2012, Cirrus announced financial guidance for its fiscal year
2013 that was significantly below market expectations, modeling revenues to be
down 15% sequentially for its fiscal fourth quarter. Following this news, the
price of Cirrus stock dropped $4.64 per share, to a closing price of $36.14
per share on November 1, 2012, on heavy volume of more than 17 million shares
traded.

If you purchased Cirrus common stock between July 31, 2012 and October 31,
2012, if you have information or would like to learn more about these claims,
or if you wish to discuss these matters or have any questions concerning this
announcement or your rights or interests with respect to these matters, please
contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070
Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.

Contact:

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
 
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