NEW YORK, Oct. 1, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Audience, Inc. ("Audience" or the "Company") (NasdaqGS: ADNC).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that Audience's processor IP would not be selected for use in the iPhone 5.
On September 6, 2012, Audience announced that one of the Company's major clients, Apple, Inc., would likely not use Audience's earSmart voice isolation/noise cancellation technology in its iPhone 5. On this news, Audience shares declined 63% to close at $6.90 per share on September 7, 2012. Audience's financial security is strongly dependent on its relationship with Apple. For the fiscal year 2010 Apple represented 82% of Audience's revenue and in fiscal year 2011 Apple represented 75% of Audience's revenue.
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If you purchased Audience stock or options between October 14, 2011 and August 9, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/ADNC. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Audience's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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