SoundHound AI(SOUN) GlobeNewswire News Room·2025-04-08 23:14Core Viewpoint - A securities class action lawsuit has been filed against SoundHound AI, Inc. for allegedly making false and misleading statements regarding its financial reporting and internal controls during the Class Period from May 10, 2024, to March 3, 2025 [1]. Group 1: Allegations Against SoundHound - The complaint claims that SoundHound had material weaknesses in its internal controls over financial reporting, which affected its ability to account for corporate acquisitions [3]. - It is alleged that SoundHound overstated its remediation efforts regarding these internal control weaknesses [3]. - The reported goodwill from the acquisition of Amelia Holdings, Inc. in August 2024 was inflated and would require correction due to these weaknesses [3]. - SoundHound is expected to incur additional time and costs to properly account for its acquisitions, including Amelia Holdings, Inc. and SYNQ3 [3]. - The allegations suggest an increased risk of SoundHound failing to file certain financial reports with the SEC in a timely manner [3]. - Overall, the public statements made by SoundHound during the Class Period are claimed to be materially false and misleading [3]. Group 2: Legal Process and Participation - Investors in SoundHound have until May 27, 2025, to seek appointment as a lead plaintiff in the class action lawsuit [4]. - A lead plaintiff represents the interests of all class members and typically has the largest financial stake in the case [4]. - Investors can choose to participate actively or remain as absent class members without affecting their ability to share in any recovery [4].