SOURCE: Shareholders Foundation, Inc.
SAN DIEGO, CA--(Marketwire - Oct 22, 2012) - The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of investors in shares of Audience Inc (ADNC) against Audience Inc over alleged 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 email@example.com or call +1 (858) 779-1554.
The plaintiff alleges on behalf of all persons or entities who purchased the common stock of Audience, Inc. (ADNC) pursuant and/or traceable to the Company's Registration Statement and Prospectus issued in connection with its May 10, 2012 initial public offering ("IPO"), that the defendants violated Federal Securities Laws.
Specifically, the plaintiff claims that the company's IPO 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) declined from $18.86 on September 6, 2012 to as low as $5.65 on October 9, 2012.
Those who purchased shares of Audience Inc (ADNC), have certain options and should contact the Shareholders Foundation, Inc. by e-mail at firstname.lastname@example.org 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.