BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith 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 at its vendors and in its supply chain 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 this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.