PRLog - Dec. 17, 2012 - SAN DIEGO -- An investigation on behalf of investors in NASDAQ:ADNC shares was launched concerning whether Audience Inc violated Federal Securities Laws in connection with certain financial statements.
Investors who purchased shares of Audience Inc (NASDAQ:ADNC)
The investigation by a law firm concerns whether the company’s initial public offering documents failed to disclose that Apple would not use Audience’s technology on the iPhone 5.
On September 6, 2012, after the market closed, Audience, Inc. provided an update on the prospects for use of its processor intellectual property in the next generation mobile phone release of a large OEM customer. Additionally, Audience provided an update to its business outlook for the third quarter of 2012. Audience Inc said that it sells processors and licenses its processor IP to Apple Inc. and certain of its subsidiaries for inclusion in their mobile phones and that it now believes that it is unlikely that Apple Inc. and certain of its subsidiaries will enable Audience's processor IP in its next generation mobile phone.
Shares of Audience Inc (NASDAQ:ADNC)
On November 2, 2012, NASDAQ:ADNC shares closed at $7.68 per share, which is significantly below the 52 week High of $23.41 per share.
Those who purchased shares of Audience Inc (NASDAQ:ADNC)