SOURCE: Brower Piven, A Professional Corporation

July 13, 2011 17:52 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $300,000 From Investment in Smith Micro Software, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the August 29, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Jul 13, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Smith Micro Software, Inc. ("Smith Micro" or the "Company") (NASDAQ: SMSI) during the period between November 3, 2010 and May 4, 2011, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 29, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that Smith Micro's 2010 revenue surge was not due solely to organic growth from real end-market demand, but rather it was partially due to an inventory built by the Company's customers, including its largest customer Verizon and that the transition in the wireless industry from a 3G to a 4G network would not have a positive impact on Smith Micro's operations because of the risks that demand for its software associated with the launch of 4G devices by wireless carriers and a growing industry trend mobile hotspots are displacing PC cards. After, on February 8, 2011, Smith Micro issued a press release announcing suspension of its 2011 full-year revenue guidance and that the Company expected revenue to be in the range of $15 to $20 million for the first quarter of 2011 due to an expected significant reduction in orders for its core Connection Manager product from its key customer, and after, on May 4, 2011, Smith Micro issued a press release announcing its first quarter 2011 financial results, reporting a net loss of ($7.8 million), or ($0.22) diluted earnings per share, the value of Smith Micro stock declined significantly.

If you have suffered a net loss for all transactions in Smith Micro Software, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact