NEW YORK, April 2, 2013 /PRNewswire/ -- Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York (Dovellos v. Cirrus Logic, Inc. et al, No.13 CIV 2174), on behalf of all persons who purchased or otherwise acquired Cirrus Logic, Inc. ("Cirrus" or the "Company") (NASDAQ: CRUS) stock and/or call options between July 31, 2012 and October 31, 2012, inclusive (the "Class Period") and suffered damages as a result.
A copy of the complaint can be viewed on the firm's website at www.faruqilaw.com/CRUS.
Cirrus and its executives are charged with violations of Section 10(b) and/or 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that defendants knew or recklessly failed to inform investors that: (1) Cirrus's dependence on revenues from Apple was increasing rather than decreasing; (2) Cirrus's sales growth was decreasing rather than increasing; (3) Cirrus was experiencing rising costs and difficulties with regards to its supply chain and its vendors; (4) the launch of certain models of new LED lights had been delayed; and (5) as a result thereof, Cirrus's increased fiscal year 2013 guidance was not feasible.
On October 31, 2012, Cirrus disclosed that the Company's dependence on Apple was increasing, rather than decreasing as their previous guidance had indicated. On this news, Cirrus's stock declined 10% from the class period high to close at $40.78 per share on October 31, 2012.
On November 1, 2012, independent securities brokerage and investment banking firm Feltl and Company issued an analyst report detailing the substantial negative consequences of Cirrus's increasing reliance on Apple. On this news, Cirrus's stock declined another 11% to close at $36.14 per share on November 1, 2012.
Plaintiff now seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Cirrus stock and/or call options between July 31, 2012 and October 31, 2012, excluding defendants and their affiliates, and who were damaged thereby. Plaintiff is represented by Faruqi & Faruqi, LLP, a national securities law firm with extensive experience in prosecuting class actions and actions involving corporate fraud.
If you wish to serve as lead plaintiff for the proposed class in this action, you must file a motion with the Court no later than April 5, 2013.
If you purchased Cirrus securities during the Class Period and wish to obtain information concerning joining this action, you can do so under the "Join Lawsuit" section of our website or by clicking: http://www.faruqilaw.com/CRUS. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, you can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com.
SOURCE Faruqi & Faruqi, LLP