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Another day, another lawsuit. The Law Offices of Todd M. Garber says a class action lawsuit has been filed in the Superior Court of California, County of Santa Clara, on behalf of a class consisting of all purchasers of the common stock of Audience pursuant and/or traceable to the company’s prospectus issued in connection with its May 10, initial public offering.
Audience provides intelligent voice and audio solutions for mobile devices worldwide. The complaint alleges violations of the Securities Act of 1933 and further alleges that defendants’ public statements misrepresented and/or failed to disclose material adverse facts concerning the Company’s business, operations and prospects.
On Sept. 6, Audience disclosed that Apple was unlikely to use its processor intellectual property in the iPhone 5. Apple’s licensing of the Company’s processor intellectual property had accounted for 37% of Audience’s total revenue for both the three and six months ending June 30. Following this news, shares of Audience declined almost 60%.