the attorney hinself answers the phone, call him and give him a piece of your mind this is BOGUS. He admitted he is trying to get clients by printing out this garbage........call them and youll see the truth this has no merit, dont be fooled into giving up your shares to these ambulance chasers
The investigation is related to allegations that the Company misrepresented 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 revenue guidance was not attainable REALLY?? 2013 hasnt even ended yet..........."was not attainable"
Seems like it moved to an actual filing of the class action lawsuit last Friday: "BENSALEM, Pa.--(Business Wire)--Law Offices of Howard G. Smith 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").
Seems like the charges are pretty flimsy though. Won't the allegation of understating Crus' reliance on Apple be mitigated when Crus announces their major new customer? And as kbononi mentions above, it is premature to say CRUS' guidance for fy 2013 is unobtainable. We aren't even there yet. By the way, does anyone know whether the revenue estimates have come down substantially over the period in question?