Investigation announced for Investors in shares of Envoy Medical, Inc. (NASDAQ: COCH) concerning potential Wrongdoing

An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Envoy Medical, Inc..

Investors who purchased shares of Envoy Medical, Inc. (NASDAQ: COCH) es have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain Envoy Medical, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.

White Bear Lake, MN based Envoy Medical, Inc., a hearing health company, provides medical technologies for the hearing loss spectrum. On December 19, 2023, Envoy Medical, Inc. disclosed in a filing with the U.S. Securities and Exchange Commission that "[o]n December 14, 2023, the audit committee (the 'Audit Committee') of the board of directors of Envoy...concluded that the Company's previously issued unaudited interim financial statements included in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 (the 'Previous Financial Statements' and such period, the 'Affected Period'), should no longer be relied upon."
Envoy Medical, Inc. stated that "[t]he determination relates to the Company's interpretation of the accounting guidance applicable to the forward purchase agreement, dated April 17, 2023, by and among the Company, Envoy Medical Corporation, Meteora Special Opportunity Fund I, LP, Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP and Meteora Strategic Capital, LLC (as amended to date, the 'FPA'). The Company expects to restate the accounting treatment of the FPA for the Affected Period to reclassify the prepayment amount [.]" Envoy further stated "that the error above is consistent with the Company's existing material weaknesses in internal control over financial reporting as of September 30, 2023, as previously disclosed in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023."

Shares of Envoy Medical, Inc. (NASDAQ: COCH) declined to as low as $1.53 per share on December 27, 2023.

Those who purchased shares of Envoy Medical, Inc. (NASDAQ: COCH) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.