One of the investors in the shares of Cirrus Logic, Inc. has filed a Shareholder Class Action Lawsuit against the company for allegedly violating Federal Securities Laws. The lawsuit, which has been filed in the Southern District of New York court, states that Cirrus Logic, Inc. (NASDAQ:CRUS) issued some misleading and downright false statements that lured investors into buying the company’s shares.
If you have purchased shares of Cirrus Logic, Inc. (NASDAQ:CRUS) between July 31, 2012 and October 31, 2012, call 1-800-934-2921 right now to protect your rights.
Filing deadline: 04/05/2013
The plaintiff filed the lawsuit on April 2, 2013 on behalf of everyone who bought Cirrus Logic, Inc. common stock from July 31, 2012 to October 31, 2012. The lawsuit stated that the company and some of its directors and other officers issued materially misleading and false statements about its financial performance and prospects. Issuing the statements went contrary to the Securities Exchange Act of 1934.
The statements showed that the company’s Total Revenue had risen from 369.57 million dollars to 426.84 million dollars for the 52 weeks that ended on March 26, 2011 and March 31, 2012 respectively. On the other hand, the company said that the Net Income it received within the respective time periods dropped from 203.50 million dollars to 87.98 million dollars.
Cirrus Logic, Inc. provided the financial results for its first quarter ending on June 30, 2012 a month later-on July 30, 2012. The company also issued its revenue guidance for the second quarter. The statements had a direct impact on the company’s common stock.
On July 16, 2012, the company’s shares were selling at 25.57 dollars per share. By early September 2012, the value of each share had risen to 44.885 dollars.
Cirrus Logic, Inc. gave the financial results for its second quarter on October 31, 2012. The quarter had ended September 29, 2012.
Between October 31, 2012 and mid-December 2012, the company’s shares dropped from 40.78 dollars per share to 25.588 dollars per share. They closed at 27.38 dollars per share on February 4, 2013.
Own shares of Cirrus Logic, Inc. (NASDAQ:CRUS))? Contact us to protect your rights.
If you have purchased shares of Cirrus Logic, Inc. (NASDAQ:CRUS) between July 31, 2012 and October 31, 2012, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights.
