SoundHound AI(SOUN) Prnewswire·2025-04-25 09:45Core Viewpoint - A class action securities lawsuit has been filed against SoundHound AI, Inc. alleging securities fraud that affected investors between May 10, 2024, and March 3, 2025 [1][2]. Group 1: Lawsuit Details - The complaint claims that SoundHound AI, Inc. made false statements regarding its internal controls over financial reporting, which impaired its ability to account for corporate acquisitions [2]. - It is alleged that the company overstated its remediation efforts concerning material weaknesses in its internal controls [2]. - The lawsuit indicates that SoundHound's reported goodwill following the Amelia Acquisition was inflated and would require correction [2]. - The company is expected to incur additional time and costs to account for the SYNQ3 and Amelia Acquisitions due to these weaknesses [2]. - The allegations suggest an increased risk of the company failing to file certain financial reports with the SEC in a timely manner [2]. - Overall, the public statements made by SoundHound were claimed to be materially false and misleading during the relevant period [2]. Group 2: Next Steps for Investors - Investors who suffered losses during the specified timeframe have until May 27, 2025, to request appointment as lead plaintiff in the lawsuit [3]. - Participation in the lawsuit does not require serving as a lead plaintiff, and there are no out-of-pocket costs for class members [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years [4]. - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as one of the leading securities litigation firms in the United States [4].