A lawsuit was filed on behalf of certain investors in shares of Avid Technology, Inc. (NASDAQ:AVID) shares over potential securities laws violations. Deadline: May 24, 2013. NASDAQ:AVID stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 04/02/2013 -- An investor in shares of Avid Technology, Inc. (NASDAQ:AVID) filed a lawsuit in the U.S. District Court for the District Of Massachusetts over alleged violations of Federal Securities Laws by Avid Technology, Inc. in connection certain allegedly false and misleading statements made between April 22, 2011 and February 22, 2013.
Investors who purchased a significant amount of shares of Avid Technology, Inc. (NASDAQ:AVID) between April 22, 2011 and February 22, 2013, and / or those purchased NASDAQ:AVID shares prior to April 2011 and currently hold any of those NASDAQ:AVID shares, have certain options and for certain investors are short and strict deadlines running. Deadline: May 24, 2013. NASDAQ:AVID investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Avid Technology, Inc. (NASDAQ:AVID) between April 22, 2011 and February 22, 2013, that Avid Technology, Inc. and certain of its officers violated the Securities Exchange Act of 1934.
More specifically, the plaintiff claims that the defendants allegedly made false and/or misleading statements and/or failed to disclose that Avid Technology, Inc. allegedly incorrectly accounted for its Software Updates by failing to properly treat the Software Updates as post-contract customer support under U.S. Generally Accepted Accounting Principles, that Avid Technology, Inc. allegedly lacked adequate internal and financial controls, and that Avid Technology, Inc. allegedly as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
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.
On March 21, 2013, Avid Technology, Inc. announced that it had received a notification letter from NASDAQ as it was no longer in compliance due to the delay in filing its annual report.
Shares of Avid Technology, Inc. declined from $7.66 per share on Feb. 22, 2013 to $6.50 on March 22, 2013.
On April 1, 2013, NASDAQ:AVID shares closed at $6.47 per share, which is significantly below its current 52 week High of $11.19 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