According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that:
- the material weaknesses in SoundHound’s internal controls over financial reporting impaired SoundHound’s ability to effectively account for corporate acquisitions;
- in addition, SoundHound overstated the extent to which it had remediated, and/or its ability to remediate, the material weaknesses in its internal controls over financial reporting;
- as a result of the foregoing material weaknesses, SoundHound’s reported goodwill following the Amelia Acquisition was inflated and would need to be corrected;
- further, SoundHound would likely require extra time and expense to effectively account for the SYNQ3 and Amelia Acquisitions;
- the foregoing increased the risk that SoundHound would be unable to timely file certain financial reports with the SEC; and
- as a result, SoundHound’s public statements were materially false and misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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