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VOXX SHOXX Market with Double-Digit Percentage Sales Declines & Deepening Losses

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VOXX International website

VOXX Stock Value Drops Nearly 30%

Yet more evidence of an industrywide downturn emerges, this time from VOXX International’s Fiscal 2023 fourth quarter and full-year results. After claiming that “…we had a lot of positive developments and continued to win new business and expand globally,” Voxx President Pat Lavelle went on to blame “inflation,” “fears of recession,” “the retail environment,” and “supply chain constraints,” for creating “roadblocks” to the company’s performance this year. Roadblocks, indeed…

Learn more on VOXX’s results in Fiscal 2023

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Audio Research Corp is Sold; Or Is It?

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Audio Research Corp headquarters

An announcement recently appeared on an audio enthusiast website that appears to announce the sale of Audio Research Corp. to a Canadian high-end speaker manufacturer. However, when reached for confirmation of this news, the officially appointed receiver issued a terse “no comment.”

So IS Audio Research Corp sold?

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Sonos Stock Drops 25% as Fiscal 2023 2nd Quarter Hit By Slackening Demand

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Sonos fiscal 2023 second quarter results image

After the close of the stock market Wednesday, Sonos, Inc. released its fiscal 2023 second quarter (Q2) financial results. The numbers were pretty rough, but the company had previously adjusted its forward forecast downward. Yet even though the company’s latest Q2 numbers beat analysts’ revenue forecast and were in line with their guidance, the market reacted negatively. How negatively? Sonos’ stock lost more than 25% of its value on the day after the Q2 earnings were announced.

Why such a strong reaction? Read on…

See why investors were spooked after the Sonos earnings report

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Masimo Reports Fiscal ’23 First Quarter Results; Stock Slides on Margin Decline

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How Did Masimo Consumer – aka Sound United – Perform?

Masimo Corporation (NASDAQ: MASI) released the financial results for its first quarter of fiscal 2023 (the quarter that ended on April 1, 2023), and at first glance, the numbers looked pretty good. The company reported revenues grew by an eye-popping 87.5% over the same quarter last year, a number that beat analysts’ estimates. Not only that, but the company delivered adjusted earnings per share of $0.87, which were also well over analysts’ projected adjusted earnings per share of $0.83.

Yet Masimo stock value crashed by more than -5¼% after the announcement. Why?

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Audio Research Corp Assignee Files New, More Revealing Papers with Court

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Audio Research I/50
Audio Research I/50 integrated amplifier

In a new round of filings from the designated “Assignee” in the matter of Audio Research Corporation’s filing of an Assignment for the Benefit of Creditors, we actually learn a few new things and get a little more detail on the state of affairs for the beleaguered but popular high-end audio brand. And these new details help to put a finer point on just where things stand at the moment for the company.

See more on what the Assignee told the court…

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Minn. Bank Asks Court for $1.5M+ Judgment Against Audio Research Corp & Trent Suggs

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Audio Research I-50 integrated amplifier

Minnesota Bank & Trust (MB&T) of Minnetonka, MN has filed documents with the Fourth Judicial District of the Minnesota District Court notifying the court of the existence of a secured agreement with Audio Research Corporation (ARC) and its principal owner, Trent Suggs. This agreement, the bank wants the court to know, has been subject to “Numerous events of default” which “are continuing.”

With this being the case, the bank is asking the court to issue a judgment for the amount owed, plus accrued interest, plus attorneys’ fees, and other collection costs – an amount in excess of $1.5 million.

See more on events surrounding Audio Research Corp & Suggs

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Audio Research Corporation Files Court Docs to Enter Form of Receivership

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Audio Research Corporation amplifier

Another storied high-end audio brand has seen itself fall into hard times. Audio Research Corporation of Maple Grove, MN has filed paperwork with Minnesota District Court to start a form of the receivership process known as an Assignment for the Benefit of Creditors.’

Learn more about receivership for Audio Research Corp

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MQA Limited Enters ‘Administration’ in U.K.; Similar to Chapter 11 Bankruptcy

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BREAKING NEWS

MQA Limited, the company that invented and markets the Master Quality Authenticated digital music system said to deliver lossless high-res streaming music, has entered “administration” in the U.K. Administration is a form of bankruptcy or protection from creditors similar to Chapter 11 bankruptcy here in the U.S. In the U.K., administration offers an insolvent company time to reorganize, develop a new plan, and – with stakeholder and government approval – an opportunity to exit bankruptcy.

Learn more about this dramatic development with MQA

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Japan-Based OLED Manufacturer JOLED Files for Bankruptcy

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Photo of JOLED factory

JOLED, a Japanese manufacturer of OLED-based panels and products that was formed by the merger of the OLED divisions of both Panasonic and Sony, filed for bankruptcy protection in the Tokyo District Court on Monday. According to the filing, the company reported that it has debts totaling ¥33.7 billion ($257 million).

Learn more about the bankruptcy of JOLED…

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WiSA Edges Closer to the Abyss; Auditors Note ‘Substantial Doubt’; New Nasdaq Delisting Notice

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Retail Investor: ‘My Investment in this Company is Now Basically Worthless’

WiSA Technologies, Inc. (NASDAQ: WISA) released its fiscal 2022 fourth quarter and full-year results and it was not a pretty picture – leading the company’s auditors to issue a “going concern” warning, questioning its ability to continue. A developer and licensor of spatial, wireless sound technology used in a variety of brands, WiSA largely blamed an overall slackening consumer demand causing a glut of existing CE product inventory as the main source of its problems.

See more on WiSA’s results for its last fiscal year

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