Barrack, Rodos & Bacine Announces an Investigation into Smith Micro Software, Inc.

PHILADELPHIA--(BUSINESS WIRE)--Barrack, Rodos & Bacine is investigating potential claims on behalf of shareholders of Smith Micro Software, Inc. (NASDAQ:SMSI) (“Smith Micro” or the “Company”).

On March 5, 2009, Smith Micro provided guidance of $115-$110 million in revenue for the full year 2009. Just eight months later on November 10, 2009, the Company shocked investors by announcing that annual revenues would now be in the range of $105-$110 million, blaming the shortfall on a “continuing negative economic environment.” In reaction to the announcement, shares of Smith Micro dropped over $2 per share, or 23%, to $6.99 per share. Notably, during the period March 5, 2009 to November 10, 2009, company insiders, including executive officers and directors who possessed material non-public information about the financial health of the Company, sold over 250,000 shares of Smith Micro stock reaping over $2 million in gains.

If you own shares in Smith Micro Software and would like to learn more about your rights as a shareholder, please contact Sam Ward or Leslie Molder of Barrack, Rodos & Bacine, 3300 Two Commerce Square, 2001 Market Street, Philadelphia, PA 19103, by telephone at (215) 963-0600.