Initial Lawsuit
First Complaint - 02/25/2022A shareholder filed this federal securities class action on behalf of all persons or entities that purchased Cerence common stock between February 8, 2021 and February 4, 2022, inclusive.
- Filing Date
02/25/2022 - Class Period
02/08/2021 to 02/04/2022 - Transgression
Securities Violation - Filing Firms
Klausner, Kaufman, Jensen & Levinson
Saxena White P.A. - Case Title
City of Miami Fire Fighters' and Police Officers' Retirement Trust v. Cerence Inc. et al - Docket Number
1:22-cv-10321 - Court
Massachusetts District Court - Free File
Complaint
Allegations
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:
(1) that the global semiconductor shortage had a materially negative impact on demand for Cerence’s software licenses;
(2) that defendants masked the impact of the semiconductor shortage on demand for the company’s software licenses by pulling forward sales; and
(3) that, as a result of the above, defendants’ statements about Cerence’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
Defendants
- Company
Cerence Inc. - Chief Executive Officer
Sanjay Dhawan - Chief Financial Officer
Mark J. Gallenberger
