Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Cirrus
BENSALEM, Pa. -- February 23, 2013
Law Offices of Howard G. Smith announces that a class action lawsuit has been
filed in the United States District Court for the Southern District of New
York on behalf of all purchasers of the common stock of Cirrus Logic, Inc.
(“Cirrus” or the “Company”) (NASDAQ: CRUS) between July 31, 2012 and October
31, 2012, inclusive (the “Class Period”).
Cirrus develops signal-processing integrated circuits for audio and energy
markets. The Company’s audio products include amplifiers, codecs, converters
and digital signal processors for such applications as smartphones, tablets,
home theater equipment, automotive entertainment systems and professional
audio gear. The Complaint alleges that throughout the Class Period the
defendants misrepresented and/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 at its vendors and in its
supply chain 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.
No class has yet been certified in this action. Until a class is certified,
you are not represented by counsel unless you retain one. If you purchased
Cirrus common stock during the Class Period, you have certain rights, and have
until April 5, 2013 to move for lead plaintiff status. To be a member of the
class you need not take any action at this time, and you may retain counsel of
your choice. If you wish to discuss this action or have any questions
concerning this Notice 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
firstname.lastname@example.org, or visit our website at
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
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