LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming April 26, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Cerence Inc. (“Cerence” or the “Company”) (NASDAQ: CRNC) common stock between February 8, 2021 and February 4, 2022, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On November 22, 2021, before the markets opened, Cerence announced that it expected fiscal 2022 revenue “to be in the range of $400M to $425M,” which was well below analysts’ expectations.
On this news, Cerence’s stock fell $21.47, or 20.6%, to close at $82.59 per share on November 22, 2021, thereby injuring investors.
Then, on December 15, 2021, Cerence announced that its Chief Executive Office (“CEO”) had abruptly resigned.
On this news, Cerence’s stock fell $8.88, or 11.4%, to close at $69.20 per share on December 15, 2021.
Then, on February 7, 2022, the Company issued its first quarter 2022 financial results and revised its full year 2022 guidance, expecting “revenue to be in the range of $365 million to $385 million because the “conversion from bookings to revenue will take longer than expected.” Cerence also withdrew its closely watched guidance for fiscal year 2024. Furthermore, the Company also announced that its Chief Financial Officer would be retiring.
On this news, Cerence’s stock fell $19.97, or 31.4%, to close at $43.61 per share, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, 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 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) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Cerence common stock during the Class Period, you may move the Court no later than April 26, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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