Wolf Haldenstein Adler Freeman & Herz LLP Commences Class Action Lawsuit on Behalf of SiRF Technology Holdings, Inc. Investors
Wolf Haldenstein Adler Freeman & Herz LLP today filed a class action
lawsuit in the United States District Court, Northern District of
California, on behalf of all persons who purchased the securities of
SiRF Technology Holdings, Inc. ("SiRF”
or the "Company”) [NASDAQ:SIRF]
between October 31, 2007 and February 4, 2008, inclusive (the "Class
Period”), against the Company and certain
officers and directors, alleging fraud pursuant to Sections 10(b) and
20(a) of the Exchange Act [15 U.S.C. §§
78j(b) and 78t(a)] and Rule 10b-5 promulgated
thereunder by the SEC [17 C.F.R. §
240.10b-5] (the "Class”).
The case name is styled Fielden v. SiRF
Technology Holdings, Inc., et al. A copy of the complaint filed
in this action is available from the Court, or can be viewed on the Wolf
Haldenstein Adler Freeman & Herz LLP website at www.whafh.com.
The complaint alleges that throughout the Class Period, defendants
issued numerous, positive press releases, statements and quarterly
financial reports filed with the SEC that described the Company's
financial performance. These statements were materially false and
misleading because they failed to disclose and misrepresented the
following adverse facts, among others: (a) that the Company’s
purchase of Centrality Communications, Inc. ("Centrality”)
was having an adverse impact on SiRF’s
financial results due to an overlap in product lines; (b) that SiRF’s
major customers were not placing sufficient orders for the Company to
meet its targets; (c) that Centrality’s
product line had lower gross margins than the Company’s
products and though Centrality’s acquisition
would help SiRF increase revenue it would also significantly lower SiRF’s
gross margins; (d) that the Company’s
customers were moving to cellular-enabled products which SiRF could not
compete with; (e) that downward pricing pressures were accelerating and
would lead to lower margins in the future; and (f) that as a result of
these factors defendants had no basis for making statements suggesting
that the Company’s earnings per share would
remain steady in their fourth fiscal quarter.
Defendants’ false and misleading statements
during the Class Period caused the Company’s
stock to trade at artificially inflated prices.
Finally, on February 4, 2008, the Company issued a press release
announcing its financial results for the fourth quarter of 2007. When
the truth about the Company was revealed SiRF’s
stock price plunged $8.91 per share, losing approximately 55% of its
value, to close at $7.36 per share.
In ignorance of the false and misleading nature of the statements
described in the complaint, and the deceptive and manipulative devices
and contrivances employed by said defendants, plaintiff and the other
members of the Class relied, to their detriment, on the integrity of the
market price of SiRF securities. Had plaintiff and the other members of
the Class known the truth, they would not have purchased said
securities, or would not have purchased them at the inflated prices that
were paid.
If you purchased SiRF securities during the Class Period, you may
request that the Court appoint you as lead plaintiff before April 8,
2008. A lead plaintiff is a representative party that acts on behalf of
other class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class member’s
claim is typical of the claims of other class members, and that the
class member will adequately represent the class. Under certain
circumstances, one or more class members may together serve as "lead
plaintiff.” Your ability to share in any
recovery is not, however, affected by the decision whether or not to
serve as a lead plaintiff. You may retain Wolf Haldenstein, or other
counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of
securities class actions and derivative litigation in state and federal
trial and appellate courts across the country. The firm has
approximately 70 attorneys in various practice areas; and offices in
Chicago, New York City, San Diego, and West Palm Beach. The reputation
and expertise of this firm in shareholder and other class litigation has
been repeatedly recognized by the courts, which have appointed it to
major positions in complex securities multi-district and consolidated
litigation.
If you wish to discuss this action or have any questions, please contact
Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New
York, New York 10016, by telephone at (800) 575-0735 (Jeffrey G. Smith,
Esq., Gregory M. Nespole, Esq., Martin Restituyo, Esq. or Derek Behnke),
via e-mail at classmember@whafh.com
or visit our website at www.whafh.com.
All e-mail correspondence should make reference to SiRF.
