These 10 Stocks Were Sold Down Today, And Here’s Why

4. SoundHound AI, Inc. (NASDAQ:SOUN)

SoundHound AI declined by 8.22 percent on Monday to end at $10.27 apiece following the revival of a class action lawsuit alleging the company of making materially false information.

Shareholder law firms revived their own notifications on Monday, encouraging investors who lost money from their SoundHound AI, Inc. (NASDAQ:SOUN) stocks between May 10, 2024 and March 3, 2025 to approach them and lead as plaintiff in the lawsuit.

The case stemmed from SoundHound AI, Inc.’s (NASDAQ:SOUN) announcement on March 4 that it was unable to file its annual report for 2024 due to the complexity of accounting for the SYNQ3 and Amelia acquisitions.

The company said it required additional time to prepare financial statements and accompanying notes and that it had identified material weaknesses in its internal control over financial reporting.

Subsequently, on March 11, the AI firm said that it “did not design and maintain effective controls related to the identification of and accounting for certain non-routine, unusual or complex transactions, including the accounting for complex financing transactions and acquisitions.”