Robbins Umeda LLP Announces an Investigation of Audience, Inc.
Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors of Audience , Inc. (NASDAQGS: ADNC). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
Robbins Umeda is investigating whether the company’s officers and directors misrepresented or failed to disclose that Audience’s processor IP would not be selected for use in the iPhone 5. In particular, on September 6, 2012, Audience announced that it was unlikely that Apple, Inc. a key client, would use Audience’s earSmart voice isolation/noise cancellation technology in its iPhone 5. On this news, Audience shares declined 63% to close at $6.90 per share on September 7, 2012. Audience’s financial security is strongly dependent on its relationship with Apple. For the fiscal year 2010 Apple represented 82% of Audience’s revenue and in fiscal year 2011 Apple represented 75% of Audience’s revenue.
Robbins Umeda LLP highlights that Audience shareholders have the option to file a shareholder derivative action to hold those officers and directors accountable for damaging the company. Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and disgorgement of ill-gotten gains.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.