San Diego, CA -- (SBWire) -- 03/18/2022 --An investor, who purchased shares of Cerence Inc. (NASDAQ: CRNC), filed a lawsuit over alleged violations of Federal Securities Laws by Cerence Inc..
Investors who purchased shares of Cerence Inc. (NASDAQ: CRNC) have certain options and for certain investors are short and strict deadlines running. Deadline: April 26, 2022. NASDAQ: CRNC investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Burlington, MA based Cerence Inc. provides AI powered virtual assistants for the mobility/transportation market worldwide.
On November 22, 2021, Cerence Inc. announced its revenue guidance for fiscal year 2022, which was well below analysts' expectations.
On December 15, 2021, Cerence Inc. announced that Chief Executive Sanjay Dhawan had resigned. As per the Boston Business Journal, a spokesperson for Cerence Inc. declined to comment on the reasons behind Dhawan's resignation.
On February 7, 2022, Cerence Inc. announced results for its fiscal first quarter of 2022 ended on December 31, 2021 and shocked the market with three disclosures.
First, Cerence Inc. announced that Chief Financial Officer Mark Gallenberger would be retiring, effective March 11, 2022.
Next, during its earnings conference call, new CEO Stefan Ortmanns announced he had conducted a review of each of the Cerence Inc. business units' plans, forecasts, and assumptions, and determined the "conversion from bookings to revenue will take longer than expected." As a result, Cerence Inc. was forced to lower its fiscal year 2022 guidance, only a few months after providing disappointing guidance for the same period.
Finally, Cerence Inc. completely withdrew the closely watched fiscal year 2024 guidance.
Shares of Cerence Inc. (NASDAQ: CRNC) declined from $79.67 per share on December 13, 2021, to $28.73 per share on March 8, 2022.
The plaintiff claims that between February 8, 2021 and February 4, 2022, the Defendants failed to disclose that the global semiconductor shortage had a materially negative impact on demand for Cerence's software licenses, that Defendants masked the impact of the semiconductor shortage on demand for the Company's software licenses by pulling forward sales, and that, as a result of the above, Defendants' statements about Cerence's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
Those who purchased shares of Cerence Inc. (NASDAQ: CRNC) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ:CRNC Investor Alert: Lawsuit Alleges Misleading Statements by Cerence Inc.
A lawsuit was filed on behalf of investors in Cerence Inc. (NASDAQ:CRNC) shares over alleged securities laws violations.