Newman Ferrara LLP is conducting an investigation on behalf of shareholders of Avid Technology, Inc. (“Avid”) (Nasdaq) (“AVID”) into potential violations of federal securities laws and breaches of fiduciary duty by Avid and certain of its officers and directors.
On February 25, 2013, Avid announced that it is postponing its fourth-quarter earnings release, originally scheduled for February 26, indefinitely due to accounting issues. Specifically, Avid stated that it needs “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.” Avid announced that it is “unable to estimate when the evaluation will be completed.” On this news, shares of Avid stock dropped approximately 12% in value to a February 25, 2013 trading price of $6.71 per share.
Shareholders of Avid stock may contact Newman Ferrara attorneys Jeffrey Norton (
) or Roy Shimon (
) by email or call (212) 619-5400 to discuss this investigation and their rights as Avid shareholders.
: Persons with knowledge that may aid in the investigation of this matter are encouraged to contact the firm. Under the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected from employer retaliation and may be entitled to as much as 30 percent of the recovery if the information provided leads to a successful action.
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