NEW YORK, Feb. 5, 2013 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Cirrus Logic Inc. ("CRUS" or the "Company") (NASDAQ: CRUS), concerning whether the board has breached its fiduciary duties to shareholders.
On July 31, 2012, the Company provided strong full year 2013 revenue and margin guidance and predicted an "outstanding" year for the Company and its shareholders. On this news, Company stock, which had been trading below $30 per share for all of 2012, reached nearly $45 per share during September 2012. During this same period, certain Company officers sold millions of dollars' worth of CRUS stock at inflated prices.
On October 31, 2012, the Company substantially lowered its 2013 guidance, causing CRUS shares to drop below $30 by mid-November 2012. Company stock is currently trading at approximately $27 per share.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own CRUS shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Matthew M. Houston, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP