SOURCE: Johnson & Perkinson

March 06, 2008 15:22 ET

Johnson & Perkinson Announces Commencement of Class Action Litigation Naming SiRF Technology Holdings, Inc.

SOUTH BURLINGTON, VT--(Marketwire - March 6, 2008) - Johnson & Perkinson hereby announces the commencement of a class action lawsuit naming SiRF Technology Holdings, Inc. ("SiRF" or the "Company") (NASDAQ: SIRF). The action, docket numbered 08-CV-1122, was filed in the United States District Court for the Northern District of California. Individuals, families, trusts or other entities that purchased SiRF common stock between October 31, 2007 and February 4, 2008, inclusive, have the opportunity to meaningfully participate as Lead Plaintiffs in the currently pending class action litigation against the Company. To do so, you must apply to serve in that capacity by April 8, 2008.

Johnson & Perkinson, a litigation boutique law firm based in South Burlington, Vermont, has extensive experience prosecuting investor class actions and actions involving financial fraud. Attorneys Johnson and Perkinson are both former employees of the Securities and Exchange Commission. Dedicated to maximizing shareholder return, members of Johnson & Perkinson have prosecuted complex class actions alleging securities or consumer fraud/deception on behalf of investors/consumers against numerous public companies since 1985, resulting in the recovery of many hundreds of millions of dollars, and have been singled out for excellence by various courts. The firm is litigating, or has recently resolved litigation, as Lead or Co-Lead Counsel in securities class actions against Xerox, Priceline, Wireless Facilities, i2 and Xchange, and serves on the Executive Committee in the Global Crossing case.

The pending Complaint alleges that throughout the Class Period, defendants issued numerous positive press releases, statements and quarterly financial reports filed with the SEC that described the Company's financial performance. These statements were materially false and misleading because they failed to disclose and misrepresented the following adverse facts, among others: (a) that the Company's purchase of Centrality Communications, Inc. ("Centrality") was having an adverse impact on SiRF's financial results due to an overlap in product lines; (b) that SiRF's major customers were not placing sufficient orders for the Company to meet its targets; (c) that Centrality's product line had lower gross margins than the Company's products and though Centrality's acquisition would help SiRF increase revenue it would also significantly lower SiRF's gross margins; (d) that the Company's customers were moving to cellular-enabled products which SiRF could not compete with; (e) that downward pricing pressures were accelerating and would lead to lower margins in the future; and (f) that as a result of these factors defendants had no basis for making statements suggesting that the Company's earnings per share would remain steady in their fourth fiscal quarter. Defendants' false and misleading statements during the Class Period caused the Company's stock to trade at artificially inflated prices. Finally, on February 4, 2008, the Company issued a press release announcing its financial results for the fourth quarter of 2007. When the truth about the Company was revealed SiRF's stock price plunged $8.91 per share, losing approximately 55% of its value, to close at $7.36 per share.

If you wish to discuss this action or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Johnson & Perkinson attorneys James F. Conway, III or Eben F. Duval toll free at 1-888-459-7855; via email at email@jpclasslaw.com; through our website at www.jpclasslaw.com; or by mail at Johnson & Perkinson, 1690 Williston Road, P.O. Box 2305, South Burlington, Vermont 05403. Attorneys at Johnson & Perkinson can help you decide if seeking appointment as a Lead Plaintiff is right for you. Your ability to share in any recovery is not affected by your decision to not seek appointment as a Lead Plaintiff.

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