The briscoe law firm investigates cisco systems, inc. on behalf of
shareholders for possible breaches of fiduciary duties by its officers
and directors
Dallas--(business wire)--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 cisco systems, inc. (“cisco”) (nasdaq: csco) during the period of may 12, 2010 through february 9, 2011 (the “class period”). it has been alleged in a recently-filed complaint that during the class period, cisco and certain of its officers and directors made materially false and misleading statements or failed to disclose material information related to the company's business and operations in violation of the securities exchange act of 1934. specifically, it’s alleged that the defendants failed to disclose: (i) that cisco was facing intense pricing pressure for its products from its more traditional competitors and emerging chinese competitors; (ii) that in order to maintain market share and meet its previously announced growth rate targets in the face of the intense pricing pressure being exerted by cisco’s competitors, cisco was forced to dramatically lower prices, which was having a material adverse effect on the company's margins; and (iii) that based on the foregoing, defendants lacked a reasonable basis for their positive statements about cisco's growth rates, market share, orders, new product introductions, and gross and operating margins. on february 9, 2011, when cisco disclosed that its gross margins were down more than 62%, cisco’s stock fell more than $3 per share, or 14%. moreover, it is alleged that during the class period, certain officers sold approximately 2.2 million shares of cisco during the class period at artificially inflated share prices for more than $52 million in proceeds. if you currently own or purchased cisco/csco 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 patrick@powerstaylor.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.
