An investigation on behalf of current long term investors in Avid Technology, Inc. (NASDAQ:AVID) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:AVID stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 04/30/2013 -- An investigation for investors who currently hold NASDAQ:AVID shares was announced concerning whether certain directors and officers of Avid Technology, Inc. breached their fiduciary duties in connection certain statements made between April 22, 2011 and February 22, 2013..
Investors who are current long term stockholders in Avid Technology, Inc. (NASDAQ:AVID) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Avid Technology, Inc. (NASDAQ:AVID) stocks follows a lawsuit filed in April against Avid Technology, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:AVID stocks concerns whether certain Avid Technology officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District Of Massachusetts the plaintiff alleges that Avid Technology, Inc. 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 $6.02 on April 17, 2013.
On April 29, 2103, NASDAQ:AVID shares closed at $6.71 per share, which is significantly below its current 52 week High of $10.04 per share.
Those who are current long term investors in Avid Technology, Inc. (NASDAQ:AVID) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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