Lawsuit Overview
Settlement Overview
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January 8, 2010 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorney's fees and expenses, and dismissed the action with prejudice.
August 14, 2009 - The court preliminarily approved the settlement.
July 29, 2009 - The court deemed the defendants' motion to dismiss withdrawn without prejudice.
July 27, 2009 - The lead plaintiff filed motion for settlement and motion to certify class.
July 1, 2009 - Parties filed stipulation of settlement.
September 29, 2008 - Defendants filed a revised motion to dismiss.
September 26, 2008 - Defendants filed a motion to dismiss.
July 28, 2008 - The lead plaintiff filed an amended complaint on behalf of investors who purchased SIRF common shares between June 21, 2007 and March 25, 2008. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between June 21, 2007 and March 25, 2008.
May 27, 2008 - The lead plaintiff and lead counsel were appointed.
April 8, 2008 - Lead plaintiff motions were filed.
April 4, 2008 - Another investor filed a complaint.
March 14, 2008 - All cases were consolidated.
February 28, 2008 - Another investor filed a complaint.
February 25, 2008 - Additional investors filed complaints.
February 19, 2008 - Another investor filed a complaint.
February 8, 2008 - An investor in shares of SiRF Technology Holdings Inc (NASDAQ: SIRF) filed a lawsuit in the U.S. District Court for the Northern District of California against SiRF Technology Holdings Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 30, 2007 and February 4, 2008.
The complaint charges SiRF Technology Holdings Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between October 30, 2007 and February 4, 2008, defendants issued materially false and misleading statements regarding SiRF Technology Holdings Inc's business and prospects. As a result of defendants’ false statements, SiRF Technology Holdings Inc stock traded at artificially inflated prices during October 30, 2007 and February 4, 2008, permitting one of the defendants to sell $9.6 million worth of his SiRF Technology Holdings Inc (NASDAQ: SIRF) stock at $24.18 to $24.29 per share.
On February 4, 2008, after the market closed, SiRF Technology Holdings Inc announced disappointing financial results for its fourth quarter and fiscal 2007. On February 5, 2008, SiRF Technology Holdings Inc’s (NASDAQ: SIRF) stock collapsed $8.91 per share to close at $7.36 per share, a one-day decline of 54%. According to the complaint, the true facts, which were known by the defendants but concealed from the investing public between October 30, 2007 and February 4, 2008, were as follows: (a) SiRF Technology Holdings Inc’s acquisition of Centrality Communications Inc was having an adverse impact on SiRF Technology Holdings Inc’s results due to the similar products sold by Centrality which were cannibalizing SiRF Technology Holdings Inc’s sales; (b) SiRF Technology Holdings Inc’s major customers were not placing orders at sufficient quantities for SiRF Technology Holdings Inc to meet the aggressive targets set by and for SiRF Technology Holdings Inc; (c) Centrality’s System-on-Chip (SoC) product line had lower gross margins than SiRF Technology Holdings Inc’s products and defendants knew that although the Centrality acquisition would increase revenues in the fourth quarter (as it did), it would also significantly lower SiRF Technology Holdings Inc’s gross margins (as it also did); (d) competitive pressures were having much more of an adverse impact on SiRF Technology Holdings Inc than acknowledged by defendants, as SiRF Technology Holdings Inc's customers were moving to cellular-enabled products which SiRF Technology Holdings Inc could not adequately compete with; (e) as of October 30, 2007, one month into the fourth quarter, fourth quarter gross margins would be down significantly because of the lower SoC product line margins; and (f) downward pricing pressures were accelerating and would lead to lower margins and earnings in future quarters.
SiRF Technology Holdings Inc, through its subsidiaries, engages in the development and marketing of semiconductor and software products that are designed to enable location-awareness utilizing global positioning system and other location technologies worldwide.