Cirrus Logic, Inc. : Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Cirrus Logic, Inc.
03/13/2013| 06:10pm US/Eastern
Glancy Binkow & Goldberg LLP announces that a class action lawsuit has
been filed in the United States District Court for the Southern District
of New York on behalf of all purchasers of the common stock of Cirrus
Logic, Inc. ("Cirrus" or the "Company") (NASDAQ: CRUS) 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 in its supply chain, and at its vendors,
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, Cirrus's increased fiscal 2013
guidance was not attainable.
No class has yet been certified in this action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased Cirrus common stock during the Class Period, 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, and you may retain counsel of your choice. If you wish to discuss
this action or have any questions concerning your rights or interests
with respect to these matters, please contact Michael Goldberg, Esquire,
of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los
Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at
(888) 773-9224, by e-mail to email@example.com,
or visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CA
201-9150 or (888) 773-9224
© Business Wire 2013