RADNOR, Pa., Feb. 29 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of California, on behalf of all purchasers of securities of SiRF Technology Holdings, Inc. ("SiRF" or the "Company") between October 30, 2007 and February 4, 2008, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
The Complaint charges SiRF and certain of its officers and directors with violations of the Securities Exchange Act of 1934. SiRF develops and markets semiconductor and software products that are designed to enable location- awareness utilizing Global Positioning System ("GPS") and other location technologies.
The Complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company's financial well-being, business relationships, and prospects. Specifically, defendants failed to disclose or indicate the following: (1) that there were not sufficient amounts of orders by major customers to meet the targets set by the Company; (2) that SiRF's acquisition of Centrality Communications, Inc. and its system- on-chip product line would result in overall lower margins and would adversely affect SiRF's existing product line, resulting in lower gross margins for the Company's products; (3) that SiRF was not adequately equipped to deal with competition from other companies offering superior technology, specifically with regard to cellular-enabled products; (4) that SiRF was being forced to decrease prices due to market pressures, which would adversely affect earnings and lead to lower gross margins going forward; (5) that the Company lacked adequate internal and financial controls; and (6) that, as a result of the foregoing, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made.
On February 4, 2008, the Company shocked investors when it announced an 89% year over year decrease in fourth quarter profits. For fourth quarter 2007, the Company reported net income of $0.7 million, as compared to $9.1 million in net income for fourth quarter 2006. Further, the Company stated that its net loss for fiscal 2007 was $10.4 million, as compared to net income of $2.4 million for fiscal 2006. Additionally, the Company gave a "miserable outcome" for the first quarter, predicting a loss of 4 cents per share. Upon the release of this news, the Company's shares fell $8.91 per share, or 54.76 percent, to close on February 5, 2008 at $7.36 per share, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit http://www.sbtklaw.com/
If you are a member of the class described above, you may, not later than April 8, 2008, move the Court to serve as lead plaintiff of the class, if you so choose. 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. 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.
CONTACT: Schiffrin Barroway Topaz & Kessler, LLP
Darren J. Check, Esq.
Richard A. Maniskas, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at
