An investigation for investors in Audience Inc (NASDAQ:ADNC) shares over possible breaches of fiduciary duty was announced and current long-term NASDAQ:ADNC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/02/2015 -- An investigation for investors who currently hold NASDAQ:ADNC shares was announced concerning whether certain Audience directors and officers breached their fiduciary duties and caused damages to the company and NASDAQ:ADNC stockholders.
Investors who purchased shares of Audience Inc (NASDAQ:ADNC) and currently hold any of those NASDAQ:ADNC shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Audience Inc (NASDAQ:ADNC) concerning whether certain statements by regarding Audience's business, its prospects and its operations were materially false and misleading at the time they were made. More specifically, the investigation concerns whether certain Audience officers and directors breached their fiduciary duties owed to current NASDAQ:ADNC stockholders and caused damage to the company and its shareholders.
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 decline to as low as $5.65 per share on October 9, 2012.
Audience Inc reported that its annual Total Revenue rose from $143.91 million in 2012 to $160.13 million in 2013 while its respective Net Income declined from $15.60 million to $2.07 million. Shares of Audience Inc traded during December 2014 as low as $3.32 per share.
On January 29, 2015, NASDAQ:ADNC shares closed at $4.06 per share.
Those who are current investors in Audience Inc shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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