Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Cerence Inc. (CRNC) on Behalf of Investors

Shareholders with $400,000 losses or more are encouraged to contact the firm

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Cerence Inc. (“Cerence” or the “Company”) (NASDAQ: CRNC) investors concerning the Company’s possible violations of the federal securities laws.

If you suffered a loss on your Cerence investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/cerence-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

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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Whistleblower Notice: Persons with non-public information regarding Cerence should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.

About GPM

Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

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Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
www.glancylaw.com
shareholders@glancylaw.com