The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation firm of Powers Taylor, LLP are investigating potential legal claims against the officers and Board of Directors of Smith Micro Software, Inc. (“Smith Micro” or “SMSI”) (NASDAQ: SMSI) during the period of November 3, 2010 through May 4, 2011 (the “Class Period”).
It has been alleged in a recently-filed complaint that during the Class Period, Smith Micro and certain of its officers and directors made materially false and misleading statements or failed to disclose material information related to Smith Micro’s business and operations in violation of the Securities Exchange Act of 1934. Specifically, it’s alleged that the defendants failed to disclose: (a) 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 build by the company’s customers, including its largest customer Verizon; (b) the transition in the wireless industry from a 3G to a 4G network would not have a positive impact on Smith Micro’s operations; (c) the risks to demand for Smith Micro’s software associated with the launch of 4G devices by wireless carriers; (d) the impact of a growing industry trend, that of PC cards being displaced by mobile hotspots, and as a result of this shifting technological trend, demand for the company’s core connectivity software would be negatively impacted; (e) demand for certain of Smith Micro’s new products was not as immediate and robust as defendants had represented it would be; and (f) known trends and uncertainties as required by SEC regulations concerning its revenue growth rate. As a result of these statements, it is alleged that Smith Micro’s stock traded at artificially inflated prices during the Class Period, reaching a high of $16.87 per share on January 5, 2011.
If you currently own or purchased Smith Micro/SMSI shares and would like additional information regarding this investigation or if you have information regarding the allegations against the company, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
Patrick Powers, 877-728-9607
The Briscoe Law Firm, PLLC
Willie Briscoe, 877-397-5991
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