LOS ANGELES--(BUSINESS WIRE)-- The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the Superior Court of California, County of Santa Clara, on behalf of a class (the “Class”) consisting of all purchasers of the common stock of Audience, Inc. (“Audience” or the “Company”) (NASDAQ:ADNC) pursuant and/or traceable to the Company’s Registration Statement and Prospectus issued in connection with its May 10, 2012 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 September 6, 2012 the Company disclosed that Apple Inc. (“Apple”) was unlikely to use its processor intellectual property in the iPhone 5, which was expected to be launched September 21. 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 ended June 30, 2012. Following this news, shares of Audience declined almost 60%.
To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
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The Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
Los Angeles, California
Source: The Law Offices of Todd M. Garber