A settlement was reached in the lawsuit filed on behalf of certain investors of Avid Technology Inc (NASDAQ: AVID) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on May 4, 2015 and NASDAQ: AVID investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/25/2015 -- A deadline is coming up on May 4, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Avid Technology Inc (NASDAQ: AVID) between October 23, 2008 and February 24, 2014.
Investors who purchased a significant amount of shares of Avid Technology Inc (NASDAQ: AVID) between October 23, 2008 and February 24, 2014, have certain options and should contact the Shareholders Foundation by email at email@example.com or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Avid Technology Inc (NASDAQ: AVID) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/avid-technology-inc-nasdaq-avid-investor-securities-class-action-lawsuit-03252013
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is May 4, 2015. The class action administrator for this case is Garden City Group LLC.
The lawsuit was originally filed in in the U.S. District Court for the District Of Massachusetts against Avid Technology Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 22, 2011 and February 22, 2013. 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.
Those who purchased shares of Avid Technology Inc (NASDAQ: AVID) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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