San Diego, CA -- (SBWIRE) -- 10/15/2012 -- An investigation on behalf of current investors in shares of Audience Inc (NASDAQ:ADNC) was announced concerning whether certain directors and officers of Audience Inc breached their fiduciary duties in connection with certain financial statements.
Investors who are current investors in Audience Inc (NASDAQ:ADNC) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current investors in Audience Inc (NASDAQ:ADNC) stocks follows a lawsuit filed earlier this year against Audience Inc (NASDAQ:ADNC) over alleged securities laws violations. The plaintiff alleges that Audience Inc violated the Securities Act of 1933. Specifically, the plaintiff claims that the company’s initial public offering documents allegedly failed to disclose that Apple would not use Audience’s technology on the iPhone 5.
On September 6, 2012, after the market closed, Audience, Inc. provided an update on the prospects for use of its processor intellectual property in the next generation mobile phone release of a large OEM customer. Additionally, Audience provided an update to its business outlook for the third quarter of 2012. Audience Inc said that it sells processors and licenses its processor IP to Apple Inc. and certain of its subsidiaries for inclusion in their mobile phones and that it now believes that it is unlikely that Apple Inc. and certain of its subsidiaries will enable Audience's processor IP in its next generation mobile phone.
Shares of Audience Inc (NASDAQ:ADNC) dropped from $18.90 on September 6, 2012 to as low as $5.998 per share on September 7, 2012 and continued to declined to as low as $5.65 per share on October 9, 2012.
On October 12, 2012, NASDAQ:ADNC shares closed at $5.65 per share, which is significantly below its current all-time high of $23.41 per share.
Those who are current investors in Audience Inc (NASDAQ:ADNC) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego