NEW ORLEANS, July 15, 2011 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that only 45 days remain to file lead plaintiff applications in a securities fraud class action lawsuit against Smith Micro Software, Inc. ("Smith Micro" or the "Company") (Nasdaq:SMSI). The lawsuit was filed in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Smith Micro during the period between November 3, 2010 and May 4, 2011, inclusive (the "Class Period").
What You May Do
If you are a Smith Micro shareholder and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com), toll free, 877-515-1850, or via cell phone any time at 504-301-7900. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by August 29, 2011.
KSF encourages both institutional and individual purchasers of Smith Micro to contact the firm. KSF also encourages anyone with information regarding Smith Micro's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
About the Lawsuit
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that: (i) Smith Micro's increasing revenues were due, in part, to an inventory build up that could not be sustained -- including its largest customer Verizon; (ii) the transition in the wireless industry from a 3G to a 4G network would not have a positive impact on Smith Micro's operations as a result of the migration away from the Company's PC cards. It was only on or about May 4, 2011, that the Company revealed its true financial condition, after it issued a release announcing its first quarter 2011 financial results that included a net loss of ($7.8 million), or ($0.22) diluted earnings per share. Following the publication of that release, the value of Smith Micro stock declined precipitously and investors who purchased shares of Smith Micro stock during the Class Period sustained significant losses and damages.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. To learn more about KSF, you may visit www.ksfcounsel.com.