SoundHound AI(SOUN) Prnewswire·2025-04-10 09:45Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of SoundHound AI, Inc. regarding a class action lawsuit due to alleged misleading statements and material weaknesses in financial reporting controls [1][2]. Group 1: Allegations - The complaint alleges that during the class period from May 10, 2024, to March 3, 2025, SoundHound AI made materially false and misleading statements [2]. - Specific allegations include that the company had material weaknesses in internal controls over financial reporting, which impaired its ability to account for corporate acquisitions [2]. - It is claimed that SoundHound overstated its remediation efforts regarding these weaknesses, leading to inflated reported goodwill following the Amelia Acquisition [2]. - The company is also alleged to require additional time and resources to account for the SYNQ3 and Amelia Acquisitions, increasing the risk of delayed financial report filings with the SEC [2]. Group 2: Class Action Details - The deadline for shareholders to register for the class action is May 27, 2025, and they are encouraged to register promptly [3]. - Once registered, shareholders will receive updates through a portfolio monitoring software regarding the case's progress [3]. - There is no cost or obligation for shareholders to participate in this case [3]. Group 3: Law Firm's Mission - The Gross Law Firm aims to protect the rights of investors who have suffered losses due to deceit, fraud, and illegal business practices [4]. - The firm is committed to ensuring companies adhere to responsible business practices and seeks recovery for investors affected by misleading statements that artificially inflated stock prices [4].