SAN DIEGO, May 21, 2025 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of SoundHound AI, Inc. (NASDAQ: SOUN) securities between May 10, 2024 and March 3, 2025, inclusive (the “Class Period”), have until Tuesday, May 27, 2025 to seek appointment as lead plaintiff of the SoundHound class action lawsuit. Captioned Liles v. SoundHound AI, Inc., No. 25-cv-02915 (N.D. Cal.), the SoundHound class action lawsuit charges SoundHound as well as certain of SoundHound’s top e ...

Core Viewpoint - The SoundHound AI, Inc. is facing a class action lawsuit due to alleged violations of the Securities Exchange Act of 1934, with claims of misleading statements and material weaknesses in financial reporting controls [1][3]. Group 1: Class Action Lawsuit Details - The class action lawsuit is titled Liles v. SoundHound AI, Inc., and covers purchasers of SoundHound securities from May 10, 2024, to March 3, 2025 [1]. - Investors have until May 27, 2025, to seek appointment as lead plaintiff in the lawsuit [1]. - The lawsuit alleges that SoundHound's executives made false statements regarding the company's internal controls and financial reporting [3]. Group 2: Allegations Against SoundHound - The lawsuit claims that SoundHound had material weaknesses in its internal controls over financial reporting, affecting its ability to account for acquisitions [3]. - It is alleged that SoundHound overstated its remediation efforts regarding these weaknesses, leading to inflated goodwill from its acquisition of Amelia Holdings, Inc. [3]. - The company is also accused of requiring additional time and resources to account for its acquisitions of SYNQ3 and Amelia, increasing the risk of delayed financial report filings [3][4]. Group 3: Impact on Stock Price - Following the disclosure on March 4, 2025, regarding the inability to timely file its annual report for 2024, SoundHound's stock price fell nearly 6% [4]. Group 4: Legal Representation - Robbins Geller Rudman & Dowd LLP is representing investors in this class action lawsuit and has a strong track record in securities fraud litigation [6].