Faruqi & Faruqi, LLP Files Securities Class Action Lawsuit Against Cirrus
Logic, Inc. (CRUS)
NEW YORK, April 2, 2013
NEW YORK, April 2, 2013 /PRNewswire/ -- Notice is hereby given that Faruqi &
Faruqi, LLP has filed a class action lawsuit in the United States District
Court for the Southern District of New York (Dovellos v. Cirrus Logic, Inc. et
al, No.13 CIV 2174), on behalf of all persons who purchased or otherwise
acquired Cirrus Logic, Inc. ("Cirrus" or the "Company") (NASDAQ: CRUS) stock
and/or call options between July 31, 2012 and October 31, 2012, inclusive (the
"Class Period") and suffered damages as a result.
A copy of the complaint can be viewed on the firm's website at
Cirrus and its executives are charged with violations of Section 10(b) and/or
20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder. Specifically, the complaint alleges that defendants knew or
recklessly failed to inform investors that: (1) Cirrus's dependence on
revenues from Apple was increasing rather than decreasing; (2) Cirrus's sales
growth was decreasing rather than increasing; (3) Cirrus was experiencing
rising costs and difficulties with regards to its supply chain and its
vendors; (4) the launch of certain models of new LED lights had been delayed;
and (5) as a result thereof, Cirrus's increased fiscal year 2013 guidance was
On October 31, 2012, Cirrus disclosed that the Company's dependence on Apple
was increasing, rather than decreasing as their previous guidance had
indicated. On this news, Cirrus's stock declined 10% from the class period
high to close at $40.78 per share on October 31, 2012.
On November 1, 2012, independent securities brokerage and investment banking
firm Feltl and Company issued an analyst report detailing the substantial
negative consequences of Cirrus's increasing reliance on Apple. On this news,
Cirrus's stock declined another 11% to close at $36.14 per share on November
Plaintiff now seeks to recover damages on behalf of himself and all other
individual and institutional investors who purchased or otherwise acquired
Cirrus stock and/or call options between July 31, 2012 and October 31, 2012,
excluding defendants and their affiliates, and who were damaged thereby.
Plaintiff is represented by Faruqi & Faruqi, LLP, a national securities law
firm with extensive experience in prosecuting class actions and actions
involving corporate fraud.
If you wish to serve as lead plaintiff for the proposed class in this action,
you must file a motion with the Court no later than April 5, 2013.
If you purchased Cirrus securities during the Class Period and wish to obtain
information concerning joining this action, you can do so under the "Join
Lawsuit" section of our website or by clicking: http://www.faruqilaw.com/CRUS.
If you wish to discuss this action or have any questions concerning this
notice or your rights or interests, you can also contact us by calling Richard
Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or
by sending an e-mail to email@example.com or firstname.lastname@example.org.
SOURCE Faruqi & Faruqi, LLP
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