Science & Technology
Thu, July 14, 2011Wed, July 13, 2011Tue, July 12, 2011Mon, July 11, 2011Sun, July 10, 2011Sat, July 9, 2011Fri, July 8, 2011Thu, July 7, 2011Wed, July 6, 2011Tue, July 5, 2011Mon, July 4, 2011Sun, July 3, 2011Sat, July 2, 2011Fri, July 1, 2011Thu, June 30, 2011Wed, June 29, 2011Tue, June 28, 2011Mon, June 27, 2011Faruqi & Faruqi LLP Announces Investigation of Smith Micro Software, Inc.
Published in Science and Technology on Wednesday, July 6th 2011 at 11:50 GMT by Market Wire
NEW YORK--([ BUSINESS WIRE ])--Faruqi & Faruqi, LLP, a national law firm concentrating on investors rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Smith Micro Software, Inc. ("Smith Micro") (NASDAQ: SMSI). Faruqi & Faruqi, LLP seeks to determine whether Smith Micro violated federal securities laws by issuing false and misleading financial statements during the period between November 3, 2010 and May 4, 2011 (the "Class Period").
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On February 8, 2011, Smith Micro issued a press release announcing that it expected a significant reduction in orders for its core connection manager product from a key customer. As a result, Smith Micro asuspended its full-year 2011 revenue guidance.a On this disclosure, Smith Microa™s stock dropped $4.56 per share to close at $8.50 per share on February 9, 2011. Subsequently, on May 4, 2011, Smith Micro issued a press release announcing its first quarter 2011 financial results, including a net loss of $7.8 million, or $0.22 diluted earnings per share, causing Smith Microa™s common stock to decline another $1.60 per share to close at $5.66 per share on May 5, 2011, a one day decline of 22% on high volume. Unbeknownst to investors, however, was that Smith Microa™s 2010 revenue was enhanced by its customersa™ building inventory rather than real, end-market demand. In addition, Smith Micro failed to disclose that demand for its products was not as immediate and robust as it had represented. Smith Micro was aware or disregarded that the wireless industry transition from a 3G to a 4G network would not impact its business positively. Still further, Smith Micro concealed that mobile hotspots were replacing PC cards as the technology of choice, negatively impacting its core connectivity software.
Take Action
If you purchased Smith Micro securities during the Class Period and would like to discuss your legal rights, visit [ www.faruqilaw.com/SMSI ]. You can also contact us by calling Anthony Vozzolo toll free at 877-247-4292 or at 212-983-9330 or by sending an email to [ avozzolo@faruqilaw.com ]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Smith Microa™s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
About Faruqi & Faruqi, LLP
Faruqi & Faruqi, LLP is a national law firm, representing investors, consumers and companies in the prosecution of claims under state corporate and consumer laws and the federal securities and antitrust laws. The firm is focused on providing exemplary legal services in complex litigation. Founded in 1995, the firm maintains its principal office in New York City, with offices in Delaware, California, Florida and Pennsylvania. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide.
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