Cirrus Logic Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
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 zach@powerstaylor.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.
The
Briscoe Law Firm, PLLC is a full service business litigation,
commercial transaction, and public advocacy firm with more than 20 years
of experience in complex litigation and transactional matters.
Powers
Taylor, LLP is a boutique litigation law firm that handles a variety
of complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits,
and security class actions.
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