Class action launched against SiRF

Class action launched against SiRF
Coughlin Stoia Geller Rudman & Robbins LLP, a law firm based in San Diego, has announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of SiRF stocks during the period between October 30, 2007 and February 4, 2008. The complaint charges SiRF, its CEO, CFO, Chairman and vice president of marketing with violations of the Securities Exchange Act of 1934.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the SIRF business and prospects and that as a result SiRF stock traded at artificially inflated prices during the Class Period, permitting SIRF chairman of the board Diosdada Banatao to sell $9.6 million worth of his SiRF stock at $24.18-$24.29 per share.

On February 4, 2008, after the market closed, SiRF announced disappointing financial results for its fourth quarter and fiscal 2007. On February 5, 2008, SiRF’s stock collapsed $8.91 per share to close at $7.36 per share, a one-day decline of 54% as financial analysts downgraded the stock.

Monday, February 11th 2008

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