LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Todd M. Garber announces that it is investigating potential claims against Cirrus Logic, Inc. (“Cirrus” or the “Company”) (NASDAQ:CRUS) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Cirrus between July 31, 2012 and October 31, 2012 were false and misleading concerning the Company’s business and financial prospects.
Cirrus develops signal-processing integrated circuits for audio and energy markets. The Company’s audio products include amplifiers, codecs, converters and digital signal processors for such applications as smartphones, tablets, home theater equipment, automotive entertainment systems and professional audio gear. 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.
If you purchased Cirrus common stock between July 31, 2012 and October 31, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to email@example.com.
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