SAN DIEGO, Oct. 1, 2012 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed by an investor in Audience Inc (ADNC) shares over alleged securities laws violations by Audience Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Audience Inc (ADNC) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
According to the complaint the plaintiff alleges that the defendants violated the Securities Act of 1933. Specifically, the plaintiff claims that the company's initial public offering documents allegedly failed to disclose that Apple would not use Audience's technology on the iPhone 5.
On September 6, 2012, after the market closed, Audience, Inc provided an update on the prospects for use of its processor intellectual property in the next generation mobile phone release of a large OEM customer. Additionally, Audience provided an update to its business outlook for the third quarter of 2012. Audience Inc said that it sells processors and licenses its processor IP to Apple Inc. and certain of its subsidiaries for inclusion in their mobile phones and that it now believes that it is unlikely that Apple Inc. and certain of its subsidiaries will enable Audience's processor IP in its next generation mobile phone.
Shares of Audience Inc (ADNC) dropped from $18.90 on September 6, 2012 to as low as $5.998 per share on September 7, 2012.
On September 28, 2012, ADNC shares closed at $6.20, significantly below its 52 week High of $23.41 per share.
Those who purchased shares of Audience Inc (ADNC), have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.