Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that a federal class action lawsuit has been filed against Cirrus Logic, Inc. (“Cirrus” or “Company”) (Nasdaq: CRUS). The firms are investigating additional legal claims against the officers and Board of Directors of Cirrus during the period of July 31, 2012 to October 31, 2012 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com , or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com. There is no cost or fee to you.
In a recently filed federal class action complaint, Cirrus and certain of its officers were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants misrepresented and/or failed to disclose that: (a) the Company’s dependence on Apple for revenues was increasing not diminishing; (b) sales growth was falling; (c) difficulties in the supply chain and its vendors were increasing costs and reducing profit margins going forward; (d) several models of the new LED lighting had been delayed; and (e) as a result Cirrus’ increased FY13 guidance was not attainable. According to the complaint, when these facts were finally disclosed, Cirrus’s shares dropped substantially.
“Recent revelations about alleged improper business practices and procedures regarding key aspects of Cirrus’ business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Cirrus’s officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Cirrus stock for all shareholders,” said shareholder rights attorney Patrick Powers.