Fraud Class Action Lawsuit Has Been Filed Against Audience
Gainey & McKenna announces that a class action lawsuit has been filed in the in the Superior Court of California, County of Santa Clara, on behalf of a class consisting of all purchasers of the common stock of Audience (NASDAQ: ADNC) pursuant and/or traceable to the Company's Registration Statement and Prospectus issued in connection with its May 10, 2012 initial public offering (the "IPO").
The Complaint alleges violations of the Securities Act of 1933 and alleges that defendants' public statements misrepresented and/or failed to disclose material adverse facts concerning the Company's business, operations and prospects. For example, the Company stated that it had licensed semiconductor IP to Apple (NASDAQ: AAPL) for its latest generation of mobile phones. However, on September 6, 2012, the Company announced that "Audience now believes that it is unlikely that [Apple] will enable Audience's processor IP in its next generation phone." The iPhone 5 was expected to be launched on September 21, 2012. On this news, Audience's shares fell over 63%.