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CERENCE INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Cerence Inc. - CRNC
News provided byKahn Swick & Foti, LLC
May 13, 2022, 9:50 PM ET
NEW ORLEANS, May 13, 2022 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Cerence Inc. (NasdaqGS: CRNC).
On November 22, 2021, the Company disclosed revenue guidance for the first quarter and full fiscal year 2022 well below analysts' expectations. On February 7, 2022, the Company announced its results for 1Q2022 ended on December 31, 2021, disclosing that the "conversion from bookings to revenue will take longer than expected" and as a result, it was forced to lower its fiscal year 2022 guidance and completely withdraw its fiscal year 2024 guidance. Further, the Company disclosed the retirement of CFO Mark Gallenberger, effective March 11, 2022.
The Company was subsequently sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws, which remains ongoing.
KSF's investigation is focusing on whether Cerence's officers and/or directors breached their fiduciary duties to the Company's shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Cerence shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (email@example.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-crnc/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
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SOURCE Kahn Swick & Foti, LLC