What's Going On With SoundHound AI Stock?
Portfolio Pulse from Adam Eckert
SoundHound AI Inc (NASDAQ:SOUN) shares dropped after the company announced it could not file its quarterly report for Q3 due to immaterial accounting errors related to historical financing transactions. The company also expects to report material weaknesses in its internal control over financial reporting. This follows a recent rally where the stock rose approximately 28% after preliminary Q3 results beat estimates.
November 16, 2023 | 1:40 pm
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SoundHound AI's stock price fell after the announcement of a delay in filing its Q3 report due to immaterial accounting errors and expected material weaknesses in internal financial controls.
The delay in filing the quarterly report and the admission of material weaknesses in internal controls are likely to undermine investor confidence and could lead to a short-term decline in SoundHound AI's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100