SoundHound AI, Inc. Investors: Please contact the Portnoy Law Firm to recover your losses; May 27, 2025 Deadline to file Lead Plaintiff Motion
Tuesday, 29 April 2025 ()
Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, April 29, 2025 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises *SoundHound AI, Inc.* ("SoundHound" or the "Company") (NASDAQ: SOUN) investors of a class action representing investors that bought securities between *May 10, 2024 and March 3, 2025*, inclusive (the "Class Period"). SoundHound AI, Inc. investors have until *May 27, 2025* *to file a lead plaintiff motion.*
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The class action lawsuit against SoundHound alleges that the company and certain of its executives made false or misleading statements and/or failed to disclose key information during the Class Period. Specifically, the complaint asserts that:
(i) material weaknesses in SoundHound’s internal controls over financial reporting impaired its ability to effectively account for corporate acquisitions;
(ii) SoundHound overstated both the extent to which it had remediated and its ability to remediate these internal control weaknesses;
(iii) as a result of these weaknesses, the company’s reported goodwill following its acquisition of Amelia Holdings, Inc. was inflated and would need to be corrected;
(iv) further, SoundHound would likely require additional time and resources to properly account for its SYNQ3 and Amelia acquisitions; and
(v) the above issues increased the risk that SoundHound would be unable to file certain financial reports with the U.S. Securities and Exchange Commission in a timely manner.
The lawsuit further alleges that on March 4, 2025, SoundHound disclosed that it would be unable to file its annual report for 2024 on time. The company explained that due to the complexity of accounting for the SYNQ3 and Amelia acquisitions, it required additional time to prepare the financial statements and accompanying notes. Additionally, SoundHound acknowledged identifying material weaknesses in its internal control over financial reporting. Following this announcement, SoundHound’s stock price dropped by nearly 6%, according to the complaint.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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