Glancy Prongay & Murray LLP Investigates Potential Securities Law Violations by SoundHound AI, Inc.
Los Angeles, CA – Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that it has commenced an investigation on behalf of SoundHound AI, Inc. (“SoundHound” or the “Company”) (NASDAQ: SOUN) investors concerning the Company’s possible violations of the federal securities laws.
Background
SoundHound AI, Inc. is a leading innovator in voice-enabled AI and conversational intelligence technologies. The Company’s Houndify voice productivity platform enables businesses and developers to embed the power of voice control into their apps, devices, and services. SoundHound’s technologies include SoundHound, Houndify, and HoundWave.
The Allegations
On March 2, 2023, SoundHound reported its fourth quarter and full-year 2022 financial results, which missed analysts’ expectations. The Company reported a net loss of $32.9 million, or $0.27 per share, for the fourth quarter, compared to a net loss of $13.1 million, or $0.11 per share, in the same period in the prior year. The Company also reported a revenue of $15.2 million, compared to $16.1 million in the same period in the prior year.
Following this announcement, SoundHound’s stock price dropped significantly, resulting in substantial losses for investors.
Investor Alert: SOUN Stock Class Action Lawsuit
If you are a SoundHound investor who lost money on your investments in this class action, you may be entitled to compensation. Please contact Glancy Prongay & Murray LLP to learn more about your potential legal rights and options.
Impact on Individual Investors
The investigation by Glancy Prongay & Murray LLP could potentially lead to a class action lawsuit against SoundHound. If the lawsuit is successful, investors may be entitled to recover their losses. It is essential for investors to stay informed about the progress of the investigation and any potential developments.
Impact on the World
The investigation into SoundHound’s potential securities law violations could have wider implications for the technology sector as a whole. If it is found that the Company misrepresented its financial situation or failed to disclose material information, it could lead to increased scrutiny of other tech companies and potentially result in stricter regulations.
Conclusion
Glancy Prongay & Murray LLP’s investigation into potential securities law violations by SoundHound AI, Inc. could lead to significant consequences for the Company and its investors. Individual investors who have suffered losses may be entitled to compensation, and the investigation could also have wider implications for the technology sector. It is essential for investors to stay informed about the progress of the investigation and any potential developments.
- Glancy Prongay & Murray LLP investigates SoundHound AI, Inc. for potential securities law violations
- Investors who lost money on SOUN stock may be entitled to compensation
- Investigation could lead to class action lawsuit
- Impact on individual investors and the technology sector
