Law Offices of Todd M. Garber Announces Investigation of Cirrus Logic, Inc.
The Law Offices of Todd M. Garber announces that it is investigating
potential claims against Cirrus Logic, Inc. (“Cirrus” or the “Company”)
(NASDAQ:CRUS) concerning possible violations of federal securities laws.
The investigation focuses on allegations that certain statements issued
by Cirrus between July 31, 2012 and October 31, 2012 were false and
misleading concerning the Company’s business and financial prospects.
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 investigation is related to
allegations that the Company misrepresented 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 revenue guidance was not
attainable.
If you purchased Cirrus common stock between July 31, 2012 and October
31, 2012, if you have information or would like to learn more about
these claims, or if you wish to discuss these matters or have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Todd M. Garber, Esquire, of the
Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email
to info@toddgarberlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
