CERENCE INC. UPDATE: Berger Montague Investigates Securities Fraud Allegations Against Cerence Inc. (NASDAQ: CRNC); Lead Plaintiff Deadline is April 26, 2022
PHILADELPHIA, March 4, 2022 – Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of Cerence Inc. (“Cerence” or the “Company”) (NASDAQ: CRNC) between February 8, 2021 through February 4, 2022 (the “Class Period”).
If you purchased Cerence securities during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/cerence-inc/.
Whistleblowers: Anyone with non-public information regarding Cerence is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
The Lawsuit: Cerence, headquartered in Burlington, MA, develops artificial intelligence-powered virtual assistants for the automotive industry.
According to a recently filed lawsuit, Cerence continued to report growing revenues and strong demand for software licenses despite industry headwinds such as a decline in automobile manufacturing due to supply chain constraints, among other things.
On February 7, 2022, Cerence issued a press release announcing its financial results for the first quarter of fiscal year 2022. The Company reported revenue of $94.4 million, falling short of consensus estimates by approximately $700,000. Separately, Cerence announced the retirement of its Chief Financial Officer.
On this news, Cerence’s shares fell $19.97 per share – or 31% – to close at $43.61 per share on February 7, 2022.