Kuehn Law, PLLC is investigating whether SoundHound AI, Inc. officers and directors breached their fiduciary duties to shareholders. The probe stems from a federal securities lawsuit alleging the company misrepresented or failed to disclose significant operational issues.
Legal allegations cite material weaknesses in SoundHound’s internal controls over financial reporting. These weaknesses reportedly impaired the company's ability to account for corporate acquisitions accurately.
The lawsuit further alleges that the company reported inflated goodwill figures that require correction. SoundHound AI will likely incur additional time and expenses to properly account for its recent acquisitions.