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."

Read More in: SiRF News

Share this Article with others:

Related Articles:

• SiRF Found to Infringe on Global Locate Patents - Order Issued to Stop Imports - Jan 16, 2009
• SiRF Says - Hey Don't Leave Us! - Aug 26, 2008
• SiRF loses Court Battle on Patent Infringement versus Global Locate - Aug 08, 2008

Came straight to this page? Visit GPS Lodge for all the latest news.

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