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16 Aug 2000
A class action lawsuit has been filed against speech recognition developer Lernout & Hauspie (L&H), claiming the company provided "misleading" information about its business and financial results.
US law firm Cauley and Geller filed the suit on behalf of all individuals and institutional investors that purchased common stock of L&H's speech products between 28 December 1999 and 7 August 2000.
L&H, Europe's largest maker of speech recognition software, said yesterday that it will conduct a mid-year interim audit following "concerns about the division's financial results".
See previous story
The lawsuit filed today claims that the "company and certain of its officers and directors violated the federal securities laws by providing materially false and misleading information about its business and financial results".
It also alleges that L&H included overstated and/or fictitious sales in Korea, which meant its stock traded at falsely inflated prices. Cauley and Geller has said plaintiffs must file appropriate motions by 8 October.
L&H said it was unable to comment at this time.
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