LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Cerence Inc. (“Cerence” or the “Company”) (NASDAQ: CRNC) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On November 22, 2021, before the markets opened, Cerence announced that it expected fiscal 2022 revenue “to be in the range of $400M to $425M,” which was well below analysts’ expectations.
On this news, Cerence’s stock fell $21.47, or 20.6%, to close at $82.59 per share on November 22, 2021, thereby injuring investors.
Then, on December 15, 2021, Cerence announced that its Chief Executive Office (“CEO”) had abruptly resigned.
On this news, Cerence’s stock fell $8.88, or 11.4%, to close at $69.20 per share on December 15, 2021.
Then, on February 7, 2022, the Company issued its first quarter 2022 financial results and revised its full year 2022 guidance, expecting “revenue to be in the range of $365 million to $385 million because the “conversion from bookings to revenue will take longer than expected.” Cerence also withdrew its closely watched guidance for fiscal year 2024. Furthermore, the Company also announced that its Chief Financial Officer would be retiring.
On this news, Cerence’s stock fell $19.97, or 31.4%, to close at $43.61 per share, thereby injuring investors further.
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If you purchased Cerence securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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