SoundHound AI(US:SOUN) GlobeNewswire News Room·2025-05-08 17:54Core Viewpoint - A class action securities lawsuit has been filed against SoundHound AI, Inc. alleging securities fraud that affected investors between May 10, 2024, and March 3, 2025 [1][2]. Group 1: Allegations of Fraud - The lawsuit claims that SoundHound AI, Inc. made false statements regarding material weaknesses in its internal controls over financial reporting, which impaired its ability to account for corporate acquisitions [2]. - It is alleged that the company overstated its remediation efforts concerning these material weaknesses, leading to inflated reported goodwill following the Amelia Acquisition [2]. - The complaint indicates that SoundHound AI, Inc. would likely require additional time and resources to account for the SYNQ3 and Amelia Acquisitions due to these weaknesses [2]. - The lawsuit also suggests that these issues increased the risk of the company being unable to file certain financial reports with the SEC in a timely manner [2]. - As a result, the company's public statements were deemed materially false and misleading throughout the relevant period [2]. Group 2: Legal Process and Participation - Investors who suffered losses during the specified timeframe have until May 27, 2025, to request appointment as lead plaintiff, although participation in any recovery does not require this role [3]. - Class members may be entitled to compensation without incurring any out-of-pocket costs or fees, with no obligation to participate [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and has been recognized as one of the top securities litigation firms in the United States for seven consecutive years [4].