SiRF Technology Holdings, Inc. - Securities Class Action

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Copyright (c) 2001
Stanford Law School

SiRF Technology Holdings, Inc. Summary: The original complaint charges SiRF and certain of its officers and directors with violations of the Securities Exchange Act of 1934. SiRF, through its subsidiaries, engages in the development and marketing of semiconductor and software products that are designed to enable location-awareness utilizing global positioning system and other location technologies worldwide.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company' s business and prospects. As a result of defendants' false statements, SiRF stock traded at artificially inflated prices during the Class Period, permitting one of the defendants 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, the Company 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%. According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) SiRF' s acquisition of Centrality Communications, Inc. was having an adverse impact on SiRF' s results due to the similar products sold by Centrality which were cannibalizing SiRF' s sales; (b) SiRF' s major customers were not placing orders at sufficient quantities for SiRF to meet the aggressive targets set by and for the Company; (c) Centrality' s System-on-Chip ("SoC") product line had lower gross margins than SiRF' s products and defendants knew that although the Centrality acquisition would increase revenues in the fourth quarter (as it did), it would also significantly lower SiRF' s gross margins (as it also did); (d) competitive pressures were having much more of an adverse impact on the Company than acknowledged by defendants, as SiRF' s customers were moving to cellular-enabled products which SiRF could not adequately compete with; (e) as of October 30, 2007, one month into the fourth quarter, fourth quarter gross margins would be down significantly because of the lower SoC product line margins; and (f) downward pricing pressures were accelerating and would lead to lower margins and earnings in future quarters.

On March 14, 2008, U.S. District Court Judge Maxine M. Chesney consolidated several related cases and established 08-CV-00856, In re SiRF Technology Holdings, Inc. Securities Litigation, as the Master Docket. On May 27, 2008, the Court granted the motion to appoint the Police & Fire Retirement System of the City of Detroit as lead plaintiff and approved lead plaintiff’s choice of Kirby McInerney LLP as lead counsel. On July 28, 2008, the lead plaintiff filed an Amended Complaint. The defendants responded by filing a motion to dismiss the Amended Complaint.

According to an article dated July 28, 2009, a class of shareholders has asked a federal judge to approve a $2.9 million settlement with SiRF Technology Holdings Inc. in a suit stemming from steep stock losses following SiRF's acquisition of Centrality Communications Inc. In a motion filed Monday in the U.S. District Court for the Northern District of California, the plaintiffs in the case asked Judge Maxine H. Chesney to provide preliminary approval of the deal as well as of a settlement class in the case. A hearing on the settlement is scheduled for Aug. 7.

On August 14, 2009, Judge Chesney preliminarily approved the settlement. The Final Approval Hearing was set for January 8, 2010. On January 8, 2010, Judge Maxine M. Chesney signed the Order and Final Judgment approving the settlement, approving the plan of allocation, and granted the motion for attorney fees and reimbursement of expenses. The action has been dismissed with prejudice.

INDUSTRY CLASSIFICATION:
SIC Code: 3674
Sector: Technology
Industry: Communications Equipment

COMPANY/ISSUER NAME:	SiRF Technology Holdings, Inc.
COMPANY/ISSUER TICKER:	SIRF
COMPANY WEBSITE:	http://www.sirf.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Sammy Esses, et al. v. SiRF Technology Holdings, Inc., et al.

COURT: N.D. California	DOCKET NUMBER: 08-CV-00856
JUDGE NAME: Hon. Maxine M. Chesney
DATE FILED: 02/08/2008	SOURCE: Notice of Filing
CLASS PERIOD START: 10/30/2007	CLASS PERIOD END: 02/04/2008
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza) One Pennsylvania Plaza, Suite 1910, New York, NY, 10119 (voice) 212.279.5050, (fax) 212.279.3655, JFruchter@FruchterTwersky.com Coughlin Stoia Geller Rudman & Robbins LLP (San Diego) 655 West Broadway, Suite 1900, San Diego, CA, 92101 (voice) 619.231.1058, (fax) 619.231.7423, info@csgrr.com/ Girard Gibbs LLP (San Francisco) 601 California Street, Suite 1400, San Francisco, CA, 94108 (voice) 415.981.4800, (fax) 415.981.4846, mail@girardgibbs.com Glancy Binkow & Goldberg LLP (Los Angeles) 1801 Ave. of the Stars, Suite 311, Los Angeles, CA, 90067 (voice) (310) 201-915, (fax) (310) 201-916, info@glancylaw.com Kenneth A. Elan (former NY) 217 Broadway Suite 404, New York, NY, 10007 (voice) 212.619.0260, (fax) , Law Offices of Bernard M. Gross (Philadelphia) 1515 Locust Street, 2nd Floor, Philadelphia, PA, 19102 (voice) 215-561-3600, (fax) 215-561-3000, bmgross@bernardmgross.com Law Offices of Howard G. Smith 3070 Bristol Pike, Suite 112, Bensalem, PA, 19020 (voice) 215.638.4847, (fax) 215.638.4867, Murray, Frank & Sailer LLP 275 Madison Ave 34th Flr, New York, NY, 10016 (voice) 212.682.1818, (fax) 212.682.1892, email@murrayfrank.com Pomerantz Haudek Block Grossman & Gross LLP (New York) 100 Park Avenue, 26th Floor, New York, NY, 10017-5516ven (voice) 212.661.1100, (fax) 212.661.8665, info@pomerantzlaw.com/ Schiffrin Barroway Topaz & Kessler, LLP (Walnut Creek) 2125 Oak Grove Road, Suite 120, Walnut Creek, CA, 94598 (voice) 925.945.0200, (fax) 925.945.8792, info@sbtklaw.com Stull, Stull & Brody (Los Angeles) 10940 Wilshire Boulevard - Suite 2300, Los Angeles, CA, 90024 (voice) 310.209.2468, (fax) , Wolf Haldenstein Adler Freeman & Herz LLP (New York) 270 Madison Avenue, New York, NY, 10016 (voice) 212.545.4600, (fax) 212.686.0114, newyork@whafh.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 12

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint for Violation of the Federal Securities Laws - Demand for Jury Trial
Type: Complaint		Date on the document: 02/08/2008
Stipulation and Consolidation Order
Type: Order of Consolidation		Date on the document: 3/14/2008
Certification Of Patrice L. Bishop Pursuant To Local Rule 3-7(d)
Type: Other		Date on the document: 4/8/2008
Declaration Of Adrian J. Sawyer In Support Of Motion By Omaha Funds For Appointment As Lead Plaintiff And Approval Of Their Selection Of Counsel
Type: Declaration		Date on the document: 4/8/2008
Declaration Of Patrice L. Bishop In Support Of Motion By Alan Nussbaum For Appointment Of Lead Plaintiff And Lead Counsel Pursuant To Section 21D Of The Securities Exchange Act Of 1934
Type: Declaration		Date on the document: 4/8/2008
L.R. 3-7(d) Certification By Adrian J. Sawyer In Support Of Motion By Omaha Funds For Appointment As Lead Plaintiff And Approval Of Their Selection Of Counsel
Type: Other		Date on the document: 4/8/2008
Notice Of Motion And Motion By Alan Nussbaum For Appointment As Lead Plaintiff And Approval Of His Selection Of Counsel Pursuant To Section 21D Of The Securities Exchange Act Of 1934; Memorandum Of Points And Authorities In Support Thereof
Type: Motion		Date on the document: 4/8/2008
Notice Of Motion And Motion For Appointment Of Omaha Funds As Lead Plaintiff And Approval Of Their Selection Of Counsel; Supporting Memorandum
Type: Motion		Date on the document: 4/8/2008
Proof of Service
Type: Other		Date on the document: 4/8/2008
[Proposed] Order Appointing Christopher Collins Lead Plaintiff And Approving Lead Plaintiff's Choice Of Counsel
Type: Order		Date on the document: 4/8/2008
[Proposed] Order Appointing Lead Plaintiff And Approving Lead Plaintiff's Selection Of Lead Counsel
Type: Order		Date on the document: 4/8/2008
[Proposed] Order Granting Motion By Alan Nussbaum For Appointment As Lead Plaintiff And Lead Counsel Pursuant To Section 21d Of The Securities Exchange Act Of 1934
Type: Order		Date on the document: 4/8/2008
[Proposed] Order Granting Motion By Omaha Funds For Appointment As Lead Plaintiff And Approval Of Their Selection Of Counsel
Type: Order		Date on the document: 4/8/2008
[Proposed] Order Granting Motion For Appointment Of Alex Meruelo As Lead Plaintiff Pursuant To §21d Of The Securities Exchange Act Of 1934 And For Approval Of Lead Plaintiff's Choice Of Lead Counsel
Type: Order		Date on the document: 4/8/2008
[Proposed] Order Granting Motion Of The Police And Fire Retirement System Of The City Of Detroit For Appointment As Lead Plaintiff And Approval Of Lead Plaintiff's Selection Of Lead Counsel And Liaison Counsel
Type: Order		Date on the document: 4/8/2008
[Proposed] Order Granting Movant Matthew Delaney's Motion For Appointment As Lead Plaintiff And Approval Of Selection Of Lead Counsel
Type: Order		Date on the document: 4/8/2008
[Proposed] Order Granting Defendants' Motion For Administrative Relief Pursuant To Civil Local Rule 7-11
Type: Order		Date on the document: 4/25/2008
Order Affording Police & Fire Retirement System Of The City Of Detroit Opportunity To File Response To Reply Filed By Iron Workers And Weiss; Continuing Hearing On Motions For Appointment Of Lead Plaintiff
Type: Order		Date on the document: 5/9/2008
Order Granting Motion To Appoint Police & Fire Retirement System Of The City Of Detroit As Lead Plaintiff; Approving Lead Plaintiffs Choice Of Counsel; Denying Competing Motions For Appointment Of Lead Plaintiff; Directions To Parties
Type: Order		Date on the document: 5/27/2008

REFERENCE COMPLAINT

In re: SirRF Technology Holdings, Inc. Securities Litigation

COURT: N.D. California	DOCKET NUMBER: 08-CV-00856
JUDGE NAME: Hon. Maxine M. Chesney
DATE FILED: 07/28/2008	SOURCE: Docket
CLASS PERIOD START: 06/21/2007	CLASS PERIOD END: 03/25/2008
TYPE OF COMPLAINT: Consolidated Complaint
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Kirby McInerney LLP (New York) 825 Third Avenue, New York, NY, 10022 (voice) 212.371.6600, (fax) 212.371.6600, _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 1

DOCUMENTS FOR THE REFERENCE COMPLAINT
Amended Complaint for Violation of Federal Securities Laws
Type: Complaint		Date on the document: 7/28/2008
Stipulation of Settlement
Type: Settlement		Date on the document: 07/01/2009
Declaration of Randall K. Berger in Support of Lead Plaintiff's Motion for Preliminary Approval of Settlement, Preliminary Certification of the Settlement Class and Approval of Notice to the Settlement Class
Type: Declaration		Date on the document: 07/27/2009
Lead Plaintiff's Notice of Motion and Unopposed Motion for Preliminary Approval of Settlement, Preliminary Certification of the Settlement Class and Approval of Notice to the Settlement Class and Memorandum of Points and Authorities in Support Thereof
Type: Notice		Date on the document: 07/27/2009
Lead Plaintiff's Notice of Motion and Unopposed Motion for Preliminary Approval of Settlement, Preliminary Certification of the Settlement Class and Approval of Notice to the Settlement Class and Memorandum of Points and Authorities in Support Thereof
Type: Motion		Date on the document: 07/27/2009
Order Deeming Motion to Dismiss Withdrawn Without Prejudice
Type: Order		Date on the document: 07/29/2009
Order Preliminarily Approving Settlement And Providing For Notice
Type: Order		Date on the document: 08/14/2009
Order And Final Judgment
Type: Order		Date on the document: 01/08/2010
U.S. District Court Civil Docket
Type: Docket		Date on the document: 01/08/2010

OTHER DOCUMENTS
Class Action Complaint for Violation of Federal Securities Laws - Jury Trial Demanded
Case Name and/or Number: Alan Nussbaum, et al. v. SiRF Technology Holdings, Inc., et al.
Type: Complaint		Date on the document: 02/12/2008
Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded
Case Name and/or Number: Brian J. Majur, et al. v. SiRF Technology Holdings, Inc., et al.
Type: Complaint		Date on the document: 02/19/2008
Class Action Complaint for Violation of Federal Securities Laws - Jury Trial Demanded
Case Name and/or Number: Gary Mitchell Schorr Rev. Trust U/A DTD 3-20-98, et al. v. SiRF Technology Holdings, Inc., et al.
Type: Complaint		Date on the document: 02/25/2008
Class Action Complaint for Violations of Federal Securities Laws - Demand for Jury Trial
Case Name and/or Number: Sidney Fielden, et al. v. SiRF Technology Holdings, Inc., et al.
Type: Complaint		Date on the document: 02/25/2008
Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded
Case Name and/or Number: James Furman, et al. v. SiRF Technology Holdings, Inc., et al.
Type: Complaint		Date on the document: 02/25/2008
Class Action Complaint - Jury Trial Demanded
Case Name and/or Number: Rodney Hunter, et al. v. SiRF Technology Holdings, Inc., et al.
Type: Complaint		Date on the document: 02/28/2008
Class Action Complaint for Violation of the Federal Securities Laws - Demand for Jury Trial
Case Name and/or Number: James Braet, et al. v. SiRF Technology Holdings, Inc., et al.
Type: Complaint		Date on the document: 4/4/2008

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