Avid Technology, Inc. (NASDAQ:AVID) Shareholder Class Action Lawsuit

In Boston, a securities class action lawsuit has been filed against Avid Technology, Inc. and some of its officers. Headquartered in Burlington, MA, Avid Technologies develops, markets, supports and sells systems and software that is utilized for creating and manipulating digital media content by a number of industries, including audio, film, video, broadcast professionals, artists and other creative enthusiasts throughout the Americas, Europe, the Asia-Pacific, Middle East and Africa. 

If you have purchased shares of Avid Technology, Inc. (NASDAQ:AVID) between April 22, 2011 and February 22, 2013, call 1-800-934-2921 right now to protect your rights.

Filing deadline:  05/24/2013

The suit was filed on March 25, 2013 in the United States District Court for the District of Massachusetts. The suit alleges that the company has violated a series of United States securities laws on the behest of Avid securities during the period April 22, 2011 through and up until February 22, 2013. 

The lawsuit has been filed on behalf of Class Period Investors under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t(a), and Rule 10b-5 promulgated thereunder by the United States Securities and Exchange Commission. It specifically names as defendants, along with the organization itself, the following officers: former Chief Executive Officer and President Gary G. Greenfield and Kenneth A. Sexton, Chief Financial Officer, Executive Vice President and Chief Accounting Officer.

No class has yet been certified in this action. But if you do believe you might potentially be a member of this specific class, you should officially request the court appoint you to lead plaintiff in this action no later than May 24, 2013. You should contact our lawyers  for a consultation of your interests and rights in the case. 

In February of this year, the company stated that would put off releasing its most recent financial information for 2012’s fourth quarter. This, according to the company’s reps, is because Avid Technology is in need of additional time to evaluate historical and current accounting treatments. This is especially in relation to a number of bug fixes, upgrades and improvements to a number of products.

Not surprisingly, that announcement has had a diverse impact on the company’s shares. Avid Technology’s common shares fell $0.68 per share, almost 10 percent, and closed at $6.98 per share on February 25, 2013.

Own shares of Avid Technology, Inc. (NASDAQ:AVID)? Contact us to protect your rights.

If you have purchased shares of Avid Technology, Inc. (NASDAQ:AVID) between April 22, 2011 and February 22, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights. 

Complete the form below for a free no obligation consultation. 

 

Need assistance with this form?