StockNews.AI
SOUN
StockNews.AI
137 days

Wolf Haldenstein Adler Freeman & Herz LLP Announces that SoundHound AI, Inc. has been sued

1. A class action lawsuit has been filed against SoundHound AI. 2. The lawsuit alleges false statements about business operations and acquisitions. 3. SoundHound failed to timely file its 2024 annual report due to accounting complexities. 4. The company acknowledged weaknesses in internal financial controls. 5. Investors affected by misleading information are encouraged to join the lawsuit.

4m saved
Insight
Article

FAQ

Why Very Bearish?

The lawsuit and financial disclosures undermine investor trust, adversely impacting SOUN's valuation.

How important is it?

The lawsuit relates directly to recent misleading statements affecting investor confidence significantly.

Why Short Term?

Negative investor sentiment will likely affect SOUN’s stock price rapidly due to lawsuit publicity.

Related Companies

SOUN
NEW YORK, April 04, 2025 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP, a distinguished law firm, informs investors that a class action lawsuit has been filed against SoundHound AI, Inc. ("SoundHound" or the "Company")(NASDAQ: SOUN) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired SoundHound securities between May 10, 2024 and March 3, 2025, both dates inclusive (the "Class Period") Deadline to sign up: If you are an investor who purchased or otherwise acquired SoundHound securities during the Class Period, you have until May 27, 2025 to ask the Court to appoint you as Lead Plaintiff for the class. PLEASE CLICK HERE TO JOIN CASE AND SUBMIT CONTACT INFORMATION What happened: The filed complaint alleges that throughout the Class Period, the defendants made materially false, misleading and potentially damaging statements regarding the Business Operations of SoundHound AI. These include unvalidated claims about the Company's status, capabilities, and prospects, which have had considerable adverse effects on investors who relied on the information shared. On March 4, 2025, SoundHound disclosed in a filing with the United States Securities and Exchange Commission ("SEC") that it would be unable to timely file its Annual Report for 2024 (the "2024 10-K") SoundHound stated that "[d]ue to the complexity of accounting for [the SYNQ3 and Amelia Acquisitions], the Company require[d] additional time to prepare financial statements and accompanying notes" and that it "ha[d] identified material weaknesses in its internal control over financial reporting." Subsequently, on March 11, 2025, SoundHound filed its 2024 10-K. In the 2024 10-K, SoundHound stated, in relevant part, that, as of December 31, 2024, "[t]he Company did not design and maintain effective controls related to the identification of and accounting for certain non-routine, unusual or complex transactions, including the accounting for complex financing transactions and acquisitions"—disclosing for the first time that the Company's lack of effective controls was impairing its ability to account for corporate acquisitions. Why Wolf Haldenstein Adler Freeman & Herz LLP: This illustrious firm is steadfast in their pursuit of justice for investors who have suffered financial harm due to these misrepresented statements. The law firm brings to the fore decades of legal expertise in securities litigation and has a proven track record of protecting the rights of investors. We encourage all investors who have been affected or have information that will assist in our investigation, to contact Wolf Haldenstein Adler Freeman & Herz LLP. Contact: Phone: (800) 575-0735 or (212) 545-4774Email: classmember@whafh.comContact Person: Gregory Stone, Director of Case and Financial Analysis Firm Website: Wolf Haldenstein Adler Freeman & Herz LLP

Related News