STEVENSON, Md., Feb. 5, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Cirrus Logic, Inc. ("Cirrus" or the "Company") (Nasdaq:CRUS) common stock during the period between July 31, 2012 and October 31, 2012, inclusive (the "Class Period").
If you have suffered a net loss from investment in Cirrus Logic, Inc. common stock purchased on or after July 31, 2012, and held through October 31, 2012, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 5, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company was becoming more dependent on Apple, Inc. for its revenue, that the Company's sales growth was decreasing rather than increasing, that difficulties in the Company's supply chain and at its vendors were increasing costs and cutting into the Company's profit margins, that the Company had delayed the launch of several models of its new LED lighting, and that its increased guidance for fiscal year 2013 was unattainable. According to the Complaint, following Cirrus' October 31, 2012 disclosure that it was issuing significantly lower guidance for fiscal year 2013 and for its 2013 fourth quarter, the value of Cirrus' shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.