Cerence Inc. misled investors about how the worldwide semiconductor shortage would negatively affect demand for its products and pulled sales forward to hide problems, a new suit alleges in federal court in Massachusetts.
The company, which makes artificial intelligence-powered virtual assistants for automobiles, touted “strong demand” for its software licenses through 2024, then lowered its fiscal 2022 revenue guidance and withdrew its fiscal 2024 guidance altogether, according to a would-be class complaint filed in the U.S. District Court for the District of Massachusetts.
Cerence, which spun off from Nuance Communications Inc. in 2019, actually raised its fiscal 2024 guidance by ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.