HARTFORD, Conn., Feb. 11, 2008 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of all persons who purchased the common stock of SiRF Technology Holdings, Inc. ("SiRF" or the "Company") (Nasdaq:SIRF) between October 30, 2007 and February 4, 2008, inclusive (the "Class Period").
The Complaint charges that SiRF and certain of its officers and directors violated federal securities laws. Specifically, during the Class Period, Defendants knew but concealed the following: (i) SiRF's acquisition of Centrality Communications, Inc. was having an adverse impact on SiRF's results due to the similar products sold by Centrality which were cannibalizing SiRF's sales; (ii) SiRF's major customers were not placing orders at sufficient quantities for SiRF to meet the aggressive targets; (iii) Centrality's System-on-Chip ("SoC") product line had lower gross margins than SiRF's products and defendants knew that although the Centrality acquisition would increase revenues in the fourth quarter, it would also significantly lower SiRF's gross margins; (iv) competitive pressures were having a more adverse impact on the Company than acknowledged by defendants, as SiRF's customers were moving to cellular-enabled products which SiRF could not adequately compete with; (v) as of October 30, 20007, fourth quarter gross margins would be down significantly because of the lower SoC product line margins; and (vi) downward pricing pressures were accelerating and would lead to lower margins and earnings in future quarters.
On February 4, 2008, the Company announced disappointing financial results for its fourth quarter and fiscal 2007. On February 5, 2008, SiRF's stock fell $8.91 per share to close at $7.36 per share, a one-day decline of 54%.
If you are a member of the class, you may, no later than April 8, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.