NEW YORK, March 18, 2013 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Cirrus Logic, Inc. ("Cirrus" or the "Company") (Nasdaq:CRUS).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Cirrus was becoming increasingly dependent on Apple, Inc. for generating revenues; (2) Cirrus was experiencing declining sales growth; (3) production difficulties with Cirrus' supply chain and vendors were diminishing Company profit margins; and (4) the launch of several models of Cirrus' new LED lighting had been delayed.
On October 31, 2012, after the close of trading, Cirrus revealed significantly lower guidance for Fiscal Year 2013 than the market had previously been led to expect, modeling revenues to be down 15% sequentially for its 2013 fourth quarter.
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If you invested in Cirrus stock or options between July 31, 2012 and October 31, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/CRUS. 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 email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Cirrus' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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