San Diego, CA -- (SBWIRE) -- 03/05/2013 -- An investigation on behalf of investors of Avid Technology, Inc. (NASDAQ:AVID) shares over potential securities laws violations by Avid Technology, Inc. (and certain of its directors and officers in connection certain financial statements was announced.
If you purchased shares of Avid Technology, Inc. (NASDAQ:AVID), you have certain options and you should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Avid Technology, Inc. (NASDAQ:AVID) concerning whether a series of statements by Avid Technology regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Avid Technology, Inc. (NASDAQ:AVID) reported that while its Total Revenue declined slightly from $679.74 million in 2010 to $677.03 million in 2011, its Net Loss decreased from $38.91 million in 2010 to $23.51 million in 2011.
Shares of Avid Technology, Inc. (NASDAQ:AVID) grew from $11.41 per share in September 2010 to $22.48 per share in February 2011, but fell in the second half of 2011 to $6.37 per share in October 2011.
For the first three quarters in 2012 Avid Technology, Inc. reported a combined nine months Total Revenue of $588.88 million with a combined nine months Net Loss of $82.6 million.
Then on February 25, 2013, Avid Technology, Inc. announced that it is postponing its fourth quarter 2012 earnings release and investor conference call, previously scheduled for Tuesday, February 26, 2013 to provide additional time for the Company to evaluate its current and historical accounting treatment related to bug fixes, upgrades and enhancements to certain products which the Company has provided to certain customers.
Shares of Avid Technology, Inc. declined from $7.66 per share on Feb. 22, 2013 to $6.72 per share on Feb. 25, 2013.
On March 4, 2013, NASDAQ:AVID shares closed at $6.69 per share.
Those who purchased shares of Avid Technology, Inc. (NASDAQ:AVID), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego