Levi & Korsinsky announces that a class action lawsuit has commenced in the United States District Court for the Southern District of New York on behalf of investors who acquired Cirrus Logic, Inc. (“Cirrus” or “the Company”) (Nasdaq: CRUS) stock between July 31, 2012 and October 31, 2012.
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The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s financial performance and prospects. In particular, it is alleged that defendants knew but concealed the following during the Class Period: (a) that the Company’s dependence on Apple, Inc. for revenues was increasing rather than diminishing; (b) Cirrus’s sales growth was falling rather than increasing; (c) difficulties in Cirrus’s supply chain and at its vendors were increasing costs and diminishing the Company’s profit margins; (d) the launch of several models of Cirrus’s new LED lighting had been delayed; and (e) as a result of the aforementioned, defendants knew Cirrus’s increased fiscal 2013 guidance was not attainable.
On October 31, 2012, Cirrus issued significantly lower guidance than was expected for fiscal 2013. In response to the Company’s announcement, Cirrus stock fell from a close of $40.78 per share to $36.14 a share on November 1, 2012.
If you suffered a loss in Cirrus you have until April 5, 2013
to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at
or by telephone at (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.