Glancy Binkow & Goldberg LLP 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 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 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 your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
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