An investor sued Cerence Inc.'s senior leaders, blaming a 60% stock drop over about six weeks on their false hype about the company’s ability to withstand pandemic-era supply chain challenges confronting the global automotive industry.
The shareholder derivative lawsuit, filed late Wednesday, targets current and former members of the board and upper management at Cerence, which makes “virtual assistants” powered by voice recognition and artificial intelligence for the auto and broader transportation sectors.
It accuses the company’s leaders of temporarily propping up its stock with bogus assurances about its “better than expected results” as clients and competitors reeled from Covid-related ...
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