February 15, 2008

SiRF Target of Class Action Lawsuit


With SiRFs disasterous earnings announcement earlier this month where they announced an 89% earnings drop, there are a bunch of pissed off shareholders and their lawyers. There is now a suit against them and is being filed as a class action lawsuit.

"The Complaint alleges that the defendants' false and misleading statements regarding demand for its products and its acquisition of Centrality Communications, Inc. ("Centrality") in August 6, 2007 caused SiRF stock to trade at artificially inflated levels throughout the Class Period. The Complaint further alleges that, as a direct result of defendants' delayed public revelations in a February 4, 2008 press release concerning the truth about demand for SiRF's products and its actual business prospects, SiRF's stock price tumbled by more than 50% on February 5, 2008."

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Posted by Scott Martin at February 15, 2008 8:14 AM

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