Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Cirrus Logic, Inc. (“Cirrus” or the “Company”) (NASDAQ GS: CRUS) between July 31, 2012 and October 31, 2012 (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Cirrus during the Class Period, or purchased shares prior to the Class Period and still hold Cirrus, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/cirrus-logic-inc-crus.
Cirrus develops high-precision, analog and missed-signal integrated circuits (“ICs”) for a broad range of audio and energy markets. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that: (a) Cirrus’ dependence on Apple for revenues was increasing not diminishing; (b) Cirrus’ sales growth was falling rather than increasing; (c) Difficulties in Cirrus’ supply chain and at its vendors were increasing costs and diminishing the Company’s profit margins going forward; (d) The launch of several models of Cirrus’ new LED lighting had been delayed; and (e) as a result, Defendants knew Cirrus’ increased FY13 guidance was not attainable. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period. Several Cirrus senior executives capitalized on these inflated prices, selling more than $11 million of the Company’s shares during the Class Period.