PHILADELPHIA, Feb. 11, 2008 (PRIME NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. has commenced a class action lawsuit in the United States District Court, Northern District of California, 08cv0856, on behalf of purchasers of the securities of SiRF TECHNOLOGY HOLDINGS, INC. ("SiRF" or the "Company") (Nasdaq:SIRF) between October 30, 2007 and February 4, 2008, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934. The action is pending before the Honorable Maxine Chesney.
If you wish to serve as lead plaintiff, you must move the Court no later than April 8, 2008. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges SiRF and certain of its officers and directors with violations of the Federal Securities Laws. SiRF is the leading supplier of global positioning system chips(GPS). As alleged in the complaint, defendants concealed from the investing public that (i) SiRF's acquisition of Centrality Communication was having an adverse impact on SiRF's results due to the similar products sold by Centrality which cannibalized SiRF's sales and had lower gross margins; (ii) SiRF's major customers were not placing orders at sufficient quantities for SiRF to meet the aggressive targets set by and for the Company; and (iii) competitive pressures were having a much larger adverse impact on the Company than acknowledged as SiRF's customers were moving to cellular-enabled products which SiFR could not adequately compete in. During this same time period, defendant Banateo sold 400,000 shares of his SiRF stock.
On February 4, 2008, after the markets closed, SiRF reported an 89% decrease in fourth-quarter profits to $0.7 million from $9.1 million the year before. Upon this news, the price of SiRF's stock collapsed $8.91 per share to close at $7.36 per share, a one day decline of 54% on volume of 63 million shares, 30 times the average three month volume.
Plaintiff seeks to recover damages on behalf of all those who purchased the common stock of SiRF (Nasdaq:SIRF) between October 30, 2007 and February 4, 2008. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
Please Contact: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
Telephone: 866-561-3600 (toll free) or 215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com.
Website: http://www.bernardmgross.com