San Diego, CA -- (SBWIRE) -- 09/24/2012 -- An investor in shares of Audience Inc (NASDAQ:ADNC) filed a lawsuit against Audience Inc over alleged securities laws violations in connection with the company’s May 9, 2012 initial public offering.
Investors who purchased shares of Audience Inc (NASDAQ:ADNC), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges that the defendants 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.
On September 21, 2012, NASDAQ:ADNC shares closed at $6.68 per share, significantly below its current 52 week High of $23.41 per share.
Those who purchased shares of Audience Inc (NASDAQ:ADNC) and currently hold those Audience Inc shares, may have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego