FINAL DEADLINE ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of SoundHound AI
NEW YORK--(BUSINESS WIRE)-- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against SoundHound AI, Inc. ('SoundHound' or the 'Company') (NASDAQ: SOUN) and reminds investors of the May 27, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements
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Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the material weaknesses in SoundHound's internal controls over financial reporting impaired the Company's ability to effectively account for corporate acquisitions; (2) in addition, the Company overstated the extent to which it had remediated, and/or its ability to remediate, the material weaknesses in its internal controls over financial reporting; (3) as a result of the foregoing material weaknesses, SoundHound's reported goodwill following the Amelia Acquisition was inflated and would need to be corrected; (4) further, SoundHound would likely require extra time and expense to effectively account for the SYNQ3 and Amelia Acquisitions; (5) the foregoing increased the risk that the Company would be unable to timely file certain financial reports with the United States Securities and Exchange Commission ("SEC"); and (6) as a result, the Company's public statements were materially false and misleading at all relevant times.
On March 4, 2025, SoundHound disclosed in a filing with the 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."
On this news, SoundHound's stock price fell $0.60 per share, or 5.81%, to close at $9.72 per share on March 4, 2025.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding SoundHound's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the SoundHound AI class action, go to www.faruqilaw.com/SOUN or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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Contacts:Portman Ridge Finance Corporation650 Madison Avenue, 3rd floorNew York, NY 10022 Logan Ridge Finance Corporation650 Madison Avenue, 3rd floorNew York, NY 10022 Brandon SatorenChief Financial Officer (PTMN and LRFC) (212) 891-2880 The Equity Group Catilcati@ (212) 836-9611 Val Ferrarovferraro@ (212) 836-9633Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
