{"id":728937,"date":"2023-02-06T11:03:42","date_gmt":"2023-02-06T16:03:42","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-kaskela-law-llc-announces-stockholder-investigation-of-cerence-inc-crnc-and-encourages-long-term-crnc-investors-to-contact-the-firm\/"},"modified":"2023-02-06T11:03:42","modified_gmt":"2023-02-06T16:03:42","slug":"shareholder-alert-kaskela-law-llc-announces-stockholder-investigation-of-cerence-inc-crnc-and-encourages-long-term-crnc-investors-to-contact-the-firm","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-kaskela-law-llc-announces-stockholder-investigation-of-cerence-inc-crnc-and-encourages-long-term-crnc-investors-to-contact-the-firm\/","title":{"rendered":"SHAREHOLDER ALERT: Kaskela Law LLC Announces Stockholder Investigation of Cerence Inc. (CRNC) and Encourages Long-Term CRNC Investors to Contact the Firm"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"left\">PHILADELPHIA, Feb.  06, 2023  (GLOBE NEWSWIRE) &#8212; Kaskela Law LLC announces that it is investigating Cerence Inc. (NASDAQ: CRNC) on behalf of the company\u2019s long-term investors.<\/p>\n<p align=\"left\">Cerence focuses on building artificial intelligence-powered virtual assistants primarily for the automotive market.<\/p>\n<p align=\"left\">Recently a securities fraud complaint was filed against Cerence on behalf of certain investors who purchased shares of the company\u2019s stock between November 16, 2020 and February 4, 2022. According to the complaint, during that time period Cerence and certain of the company\u2019s executive officers made a series of materially false and misleading statements, and failed to disclose material adverse facts, about the Company\u2019s business, operations, and prospects in violation of the securities laws.<\/p>\n<p align=\"left\">Specifically, Defendants are alleged to have failed to disclose: (i) that the global semiconductor shortage had a materially negative impact on demand for Cerence\u2019s software licenses; (ii) that Defendants masked the impact of the semiconductor shortage on demand for the Company\u2019s software licenses by pulling forward sales; and (iii) that, as a result of the above, Defendants\u2019 statements about Cerence\u2019s business, operations, and prospects were false and misleading and\/or lacked a reasonable basis.<\/p>\n<p align=\"left\">The complaint further details how, on February 7, 2022, Cerence announced results for its fiscal first quarter of 2022 and \u201cshocked the market with three disclosures.\u201d First, the Company announced that CFO Mark Gallenberger would be retiring, effective March 11, 2022. Next, during its earnings conference call, new CEO Stefan Ortmanns announced he had conducted a review of each of the Cerence business units\u2019 plans, forecasts, and assumptions, and determined the \u201cconversion from bookings to revenue will take longer than expected.\u201d As a result, Cerence was forced to lower its fiscal year 2022 guidance, only a few months after providing disappointing guidance for the same period. Finally, Cerence completely withdrew the closely watched fiscal year 2024 guidance. <strong><em>On this news, Cerence\u2019s stock price fell approximately 30% in value, from a closing price of $63.58 on the prior trading day of February 4, 2022, to close at $43.61 on February 7, 2022.<\/em><\/strong><\/p>\n<p align=\"left\">The investigation seeks to determine whether the members of Cerence\u2019s board of directors violated the securities laws and\/or breached their fiduciary duties in connection with the above alleged misconduct.<\/p>\n<p align=\"left\">\n        <strong><br \/>\n          <em>Current Cerence stockholders who purchased or acquired <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>their CRNC shares <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em><br \/>\n            <u>prior to November 16, 2020<\/u><br \/>\n          <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em> are encouraged to contact Kaskela Law LLC<\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em> (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 \u2013 0750, or by email (<\/em><br \/>\n        <\/strong><br \/>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=V9yWVRTBlRWEEwwxJJNboTuFFJbxwEuKEZ1Z2WcqdxrmuUMs4Gt7cpV25OQ6OttSL8YcPQEMM6qzAnbVAXu-e3P-xIx5HpgjF-UQ3DcD-MM=\" rel=\"nofollow noopener\" target=\"_blank\"><br \/>\n          <strong><br \/>\n            <em>skaskela@kaskelalaw.com<\/em><br \/>\n          <\/strong><br \/>\n        <\/a><br \/>\n        <strong><br \/>\n          <em> \/ <\/em><br \/>\n        <\/strong><br \/>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Mkseu0XKDVtvl8QbxC_M4S73sV4CMfD5jxhjkTEdnJlMQIYTWutDNxmIpIBUDjuLf33QLxlGSgZ1aHyLWEz4fWC7taAR6XoiasA2HdvAfwM=\" rel=\"nofollow noopener\" target=\"_blank\"><br \/>\n          <strong><br \/>\n            <em>abell@kaskelalaw.com<\/em><br \/>\n          <\/strong><br \/>\n        <\/a><br \/>\n        <strong><br \/>\n          <em>) or online at <\/em><br \/>\n        <\/strong><br \/>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=KcYqxwS5IAwJOy84FfZzzW7CpKyUFF0nQDic0VBZyxpuHnUje_N1yJ1FAvjf9Q7SQkaZaRih2Od_MgXI7JNO2x-1QZzf790IjUg4Fjn5dy2UerUAunSAE6A3E_oKa6zL\" rel=\"nofollow noopener\" target=\"_blank\"><br \/>\n          <strong><br \/>\n            <em>https:\/\/kaskelalaw.com\/cases\/cerence\/<\/em><br \/>\n          <\/strong><br \/>\n        <\/a><br \/>\n        <strong><br \/>\n          <em> , for additional information about this investigation and their legal rights and options.<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"left\">Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger &amp; acquisition litigation. For additional information about Kaskela Law LLC please visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=OQlKS6__aLvViBaxQT6oowDUBiHimwImjEzcZExZXFAelsjqZLpuEGkr7n-Ls70hL6yd2cLykYAeZcdwFTg8uB1XhlgalTJQDn97S1NHMP4=\" rel=\"nofollow noopener\" target=\"_blank\">www.kaskelalaw.com<\/a>. This notice may constitute attorney advertising in certain jurisdictions.<\/p>\n<p align=\"left\">\n        <strong>CONTACT:<\/strong>\n      <\/p>\n<p align=\"left\">\n        <strong>KASKELA LAW LLC<\/strong><br \/>\n        <br \/>D. Seamus Kaskela, Esq.<br \/>Adrienne Bell, Esq.<br \/>18 Campus Blvd., Suite 100<br \/>Newtown Square, PA 19073<br \/>(888) 715 \u2013 1740<br \/>(484) 229 \u2013 0750<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=OQlKS6__aLvViBaxQT6ooxd9po7F3uquZ9bvsz2U2c9KRM7pcdTaSBkhgj8i9OgsyyW4dWFDTLL728tCOnAsONI6ZJ47nWaqLotahyZHshg=\" rel=\"nofollow noopener\" target=\"_blank\">www.kaskelalaw.com<\/a><\/p>\n<p \/>\n      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODc0MzA4MiM1MzkyNTExIzIwOTk5MzU=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/MmNlZDRhMzQtMDE5Zi00MDFlLWIyNjYtMmQ2YjQwNzM3MmVjLTExMTE1MDY=\/tiny\/Kaskela-Law.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>PHILADELPHIA, Feb. 06, 2023 (GLOBE NEWSWIRE) &#8212; Kaskela Law LLC announces that it is investigating Cerence Inc. (NASDAQ: CRNC) on behalf of the company\u2019s long-term investors. Cerence focuses on building artificial intelligence-powered virtual assistants primarily for the automotive market. Recently a securities fraud complaint was filed against Cerence on behalf of certain investors who purchased shares of the company\u2019s stock between November 16, 2020 and February 4, 2022. According to the complaint, during that time period Cerence and certain of the company\u2019s executive officers made a series of materially false and misleading statements, and failed to disclose material adverse facts, about the Company\u2019s business, operations, and prospects in violation of the securities laws. Specifically, Defendants are alleged to have failed &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-kaskela-law-llc-announces-stockholder-investigation-of-cerence-inc-crnc-and-encourages-long-term-crnc-investors-to-contact-the-firm\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;SHAREHOLDER ALERT: Kaskela Law LLC Announces Stockholder Investigation of Cerence Inc. (CRNC) and Encourages Long-Term CRNC Investors to Contact the Firm&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-728937","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SHAREHOLDER ALERT: Kaskela Law LLC Announces Stockholder Investigation of Cerence Inc. (CRNC) and Encourages Long-Term CRNC Investors to Contact the Firm - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-kaskela-law-llc-announces-stockholder-investigation-of-cerence-inc-crnc-and-encourages-long-term-crnc-investors-to-contact-the-firm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SHAREHOLDER ALERT: Kaskela Law LLC Announces Stockholder Investigation of Cerence Inc. (CRNC) and Encourages Long-Term CRNC Investors to Contact the Firm - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PHILADELPHIA, Feb. 06, 2023 (GLOBE NEWSWIRE) &#8212; Kaskela Law LLC announces that it is investigating Cerence Inc. (NASDAQ: CRNC) on behalf of the company\u2019s long-term investors. Cerence focuses on building artificial intelligence-powered virtual assistants primarily for the automotive market. Recently a securities fraud complaint was filed against Cerence on behalf of certain investors who purchased shares of the company\u2019s stock between November 16, 2020 and February 4, 2022. According to the complaint, during that time period Cerence and certain of the company\u2019s executive officers made a series of materially false and misleading statements, and failed to disclose material adverse facts, about the Company\u2019s business, operations, and prospects in violation of the securities laws. Specifically, Defendants are alleged to have failed &hellip; Continue reading &quot;SHAREHOLDER ALERT: Kaskela Law LLC Announces Stockholder Investigation of Cerence Inc. 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Cerence focuses on building artificial intelligence-powered virtual assistants primarily for the automotive market. Recently a securities fraud complaint was filed against Cerence on behalf of certain investors who purchased shares of the company\u2019s stock between November 16, 2020 and February 4, 2022. According to the complaint, during that time period Cerence and certain of the company\u2019s executive officers made a series of materially false and misleading statements, and failed to disclose material adverse facts, about the Company\u2019s business, operations, and prospects in violation of the securities laws. Specifically, Defendants are alleged to have failed &hellip; Continue reading \"SHAREHOLDER ALERT: Kaskela Law LLC Announces Stockholder Investigation of Cerence Inc. 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