SoundHound AI(SOUN) GlobeNewswire News Room·2025-05-15 17:59Core 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 [1][3]. 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 [3]. - Specific allegations include that the company had material weaknesses in internal controls over financial reporting, which impaired its ability to account for corporate acquisitions [3]. - It is claimed that SoundHound overstated its remediation efforts regarding these weaknesses, leading to inflated reported goodwill following the Amelia Acquisition [3]. - The company is also alleged to require additional time and expense to account for the SYNQ3 and Amelia Acquisitions, increasing the risk of delayed financial report filings with the SEC [3]. 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 without delay [4]. - Once registered, shareholders will receive updates through a portfolio monitoring software regarding the case's progress [4]. - There is no cost or obligation for shareholders to participate in this case [4]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and fraud [5]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [5].