Law Offices of Howard G. Smith announces that investors of Cirrus Logic, Inc. (“Cirrus” or the “Company”) (NASDAQ: CRUS) have until April 5, 2013 to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all purchasers of Cirrus common stock 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, the Company’s increased fiscal 2013 guidance was not attainable.
If you are a member of the Class described above, 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, or may retain counsel of your choice. If you wish to discuss this action or learn more concerning 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 email@example.com, or visit our website at http://www.howardsmithlaw.com.
Howard G. Smith, Esquire
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