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Cirrus Logic Inc (NASDAQ: CRUS) Investor Securities Class Action Lawsuit 02/04/2013

  • If you purchased shares of Cirrus Logic Inc (NASDAQ: CRUS), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Cirrus Logic, Inc.
Security
NASDAQ: CRUS

Case Name
Cirrus Logic Shareholder Class Action Lawsuit 02/04/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

December 2, 2013 - The court granted the defendants' motion to dismiss and ordered the case closed.
May 1, 2013 - The lead plaintiff filed a consolidated amended complaint.

April 19, 2013 - The lead plaintiff and lead counsel were appointed.

April 5, 2013 - Lead plaintiff motions were filed.

February 4, 2013 - An investor in shares of Cirrus Logic Inc (NASDAQ: CRUS) filed a lawsuit in the U.S. District Court for the Southern District of New York against Cirrus Logic Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 31, 2012 and October 31, 2012.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased the common stock Cirrus Logic Inc (NASDAQ: CRUS) between July 31, 2012 and October 31, 2012, that Cirrus Logic Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements regarding Cirrus Logic Inc's financial performance and future prospects.

Cirrus Logic Inc reported that its Total Revenue rose from $369.57 million for the 52 weeks period that ended on March 26, 2011 to $426.84 million for the 52 weeks period that ended on March 31, 2012. However, Cirrus Logic Inc reported that its Net Income for those respective time periods declined from $203.50 million to $87.98 million.

On July 30, 2012, Cirrus Logic Inc reported its financial results for the first quarter, which ended June 30, 2012. Among other things, Cirrus Logic Inc also issued its second quarter revenue guidance.

Shares of Cirrus Logic Inc (NASDAQ: CRUS) grew from $25.57 per share on July 16, 2012 to as high as $44.885 per share in early September 2012.

Then on October 31, 2012, Cirrus Logic Inc reported its financial results for the second quarter, which ended September 29, 2012.

Shares of Cirrus Logic Inc (NASDAQ: CRUS) declined from $40.78 per share on October 31, 2012, to as low as $25.588 per share in mid-December 2012.

On February 04, 2013, Cirrus Logic Inc (NASDAQ: CRUS) shares closed at $27.38 per share.