NEW YORK, Feb. 27, 2008 (PRIME NEWSWIRE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") has filed a class action lawsuit (Majur v. SiRF Technology Holdings, Inc. et al (3:08-cv-01013-MMC)) in the United States District Court, Northern District of California, against SiRF Technology Holdings Inc. ("SiRF" or the "Company") (Nasdaq:SIRF) and certain officers of the company. The class action was filed on behalf of purchasers of the securities of the Company during the period from October 30, 2007 through February 4, 2008, inclusive (the "Class Period"). The complaint alleges violations of Section 10(b) and Section 20(a) of the Securities Exchange Act, and Rule 10b-5 promulgated there under.
SiRF, headquartered in San Jose, California, engages in the development and marketing of semiconductor and software products that are designed for location awareness utilizing global positioning system (GPS) and other location technologies. The Complaint alleges that throughout the class period defendants issued material misrepresentations to the public concerning the Company's business and prospects.
In particular, defendants concealed from the investing public that: (1) SiRF's acquisition of Centrality Communications, Inc. ("Centrality") was having an adverse impact on the Company's results due to the similar products sold by Centrality which were cannibalizing SiRF's sales; (2) competitive pressures were having more of a negative impact on the Company than acknowledged by Defendants in that the Company's customers were moving to cellular-enabled products which SiRF could not adequately compete with, and (3) downward pricing pressures were accelerating and would lead to lower margins and earnings in future quarters.
On February 4, 2008, after the market closed, SiRF announced disappointing financial results for 4th quarter and fiscal 2007. The news caused shares of the Company to drop to $8.91 per share, to close at $7.36 per share on February 8. This was a 54% drop from the previous day's closing price of $16.27.
If you are a shareholder who purchased the securities of SiRF during the Class Period, you have until April 8, 2008 to ask the Court to appoint you as lead plaintiff for the class. Lead plaintiffs must meet certain legal requirements. Shareholders outside the United States may join the action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Teresa L. Webb (tlwebb@pomlaw.com) or Carolyn S. Moskowitz (csmoskowitz@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, which has offices in New York, Chicago, Washington, D.C., Columbus, Ohio and the San Francisco Bay area, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. For more information about the Firm, visit our web site at www.pomlaw.com.
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