NEW YORK, Sept. 20, 2012 /PRNewswire/ -- Harwood Feffer LLP ( www.hfesq.com ) is investigating potential claims against the board of directors of Audience, Inc. ("Audience" or the "Company") (NASDAQ: ADNC), concerning whether the board has breached its fiduciary duties to shareholders.
Audience sells processors and licenses its processor IP to Apple Inc. and certain of its subsidiaries for inclusion mobile phones. The Company misrepresented or failed to adequately disclose the risk that its processor IP would not be selected for use in the iPhone 5, which is scheduled to launch on September 21, 2012.
On September 6, 2012, the Company filed a Form 8-K with the SEC, disclosing that it was "unlikely" its products would be used in the newest iPhone and the Company's stock price declined substantially. The directors of Audience owes fiduciary obligation to the Company and its shareholders in the management of the Company's assets.Audience shares have fallen over 63% since September 6, 2012, when Company stock closed as high as $18.86 per share. Audience is currently trading at $6.74 per share. Current holders of Audience shares purchased at any time may have a claim against the board for breaches of fiduciary duties, gross mismanagement, and/or abuse of control. If you own Audience shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact: Robert I. Harwood, Esq. Matthew M. Houston, Esq. Christopher J. SafrathHarwood Feffer LLP488 Madison Avenue New York, New York 10022Phone Numbers: (877) 935-7400(212)935-7400Email: firstname.lastname@example.org Website: http://www.hfesq.com Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website ( http://www.hfesq.com) for more information about the firm. Attorney Advertising. © 2012 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP ( www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.