CRNC - CERENCE INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti LLC Investigates the Officers and Directors of Cerence Inc. - CRNC
CERENCE INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Cerence Inc. - CRNC
PR Newswire
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 ( lewis.kahn@ksfcounsel.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 .
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn , Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras St., Suite 3200
New Orleans, LA 70163
SOURCE Kahn Swick & Foti, LLC
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