Audience Securities Litigation
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Welcome to the Audience Securities Litigation Website

The Court changed the Fairness Hearing to May 6, 2016 at 9:00 a.m. The location of the Fairness Hearing remains the same. If you have any questions please contact Rick Nelson, Shareholder Relations, Robbins Geller Rudman & Dowd LLP, 655 West Broadway, Suite 1900, San Diego, CA 92101, 1-800-449-4900.

This is a securities class action litigation currently pending before the Honorable Peter H. Kirwan in the Superior Court of California, County of Santa Clara (the “Court”), this action is known as Robinson v. Audience, Inc., et al., Case No. 1:12-cv-232227.This website has been established to provide general information related to the proposed settlement of the Audience, Inc. (“Audience” or the "Company") Securities Litigation. The capitalized terms used on this website, and not defined herein, shall have the same meanings ascribed to them in the Stipulation of Settlement dated October 19, 2015 (the “Stipulation”), which can be found and downloaded by clicking on the Case Documents tab above. 

On September 13, 2012, Brent T. Robinson filed a complaint for violations of federal securities laws against Defendants, Peter B. Santos, Audience’s President and Chief Executive Officer, and Kevin S. Palatnik, Audience’s Chief Financial Officer. On October 2, 2012, Judge James P. Kleinberg entered an order designating the action complex and assigning it to the complex litigation department. Three related cases, making substantially similar allegations were subsequently filed in this Court, captioned Deel v. Audience, Inc., No. 1-12-cv-235621; Nowak v. Audience, Inc., No. 1-12-cv-236676; and Kasian v. Audience, Inc., No. 1-12-cv-236690. On February 25, 2013, Plaintiff Robinson on his own behalf and naming the plaintiffs in the follow-on actions filed an amended complaint.

Plaintiffs, who purchased Audience common stock issued in Audience’s initial public offering on or about May 10, 2012, alleged that Defendants issued a false and misleading registration statement that misled investors regarding Audience’s relationship with Apple Inc., Audience’s principal customer, and the risk that Audience’s technology would not be included in the then upcoming iPhone5.

Following initial discovery, the parties agreed to attend a mediation session on May 28, 2014, conducted by third-party neutral Randall W. Wulff. Plaintiffs and Defendants submitted and exchanged mediation statements summarizing their respective positions based in part on evidence obtained through discovery. After additional document production and review, the parties engaged in further settlement discussions and agreed to participate in a second mediation session with third-party neutral Jed D. Melnick. The parties again prepared mediation statements summarizing the evidence obtained through discovery. The second mediation session was held on July 23, 2015. At that mediation, the Settling Parties reached an agreement-in-principle to settle the Litigation. Thereafter, the Settling Parties engaged in further negotiations regarding the entire terms of the Settlement which are contained in the Stipulation and its related exhibits.

The Settlement, if approved, will result in the creation of a cash settlement fund of $6,050,000 (the “Settlement Amount”). The Settlement Amount, plus accrued interest (the “Settlement Fund”) and minus the costs of the Notice and all costs associated with the administration of the Settlement, as well as any attorneys’ fees, expenses and payment to Plaintiffs for their time and expenses in representing the Class that may be approved by the Court (the “Net Settlement Fund”), will be distributed to Class Members pursuant to the Plan of Allocation that is described in the Notice.

If you purchased or otherwise acquired the common stock of Audience pursuant or traceable to the Registration Statement filed in connection with Audience’s May 9, 2012 IPO, you are a Class Member.

The Class Period is defined as the period beginning on May 9, 2012 and ending on September 13, 2012.

The law firms of Robbins Geller Rudman & Dowd LLP, Glancy, Prongay & Murray LLP, Bottini & Bottini, Inc., Holzer & Holzer, LLC; and Robbins Arroyo LLP represent you and other Class Members. These lawyers are called Plaintiffs’ Counsel.

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice of Proposed Settlement of Class Action (the "Notice) and the Stipulation, both of which can be found and downloaded from this website. We recommend that you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A CLAIM FORM If you are a Class Member and do not exclude yourself from the Class, the only way to get a payment is to submit a Proof of Claim
EXCLUDE YOURSELF Get no payment. This is the only option that allows you to participate in another lawsuit against the Defendants.
OBJECT You may object to the terms of the Settlement; the requested attorneys' fees, costs, and expenses; the payment to Plaintiffs for their time and expenses; and/or the Plan of Allocation by filing a written statement, accompanied by proof of class membership, with the Court.
GO TO A HEARING You may ask to speak in Court about the fairness of the Settlement, the request for attorneys’ fees and expenses, or the Plan of Allocation.
DO NOTHING If you do nothing, you will not receive any payment, will not be allowed to object to the Settlement, and will give up your right to participate in another lawsuit against the Defendants for the legal claims in this action.

IMPORTANT DATES & DEADLINES

Submit a Claim Form: March 30, 2016
Request Exclusion: March 30, 2016
File an Objection: March 30, 2016
Court Hearing on Fairness of Settlement: May 6, 2016 at 9:00 a.m. Dept. 1