The law firm of Berman DeValerio filed a securities class action lawsuit today against Avid Technology, Inc. (NASDAQ: AVID)(“Avid” or the “Company”) and certain of its officers (collectively, with Avid, the “Defendants”).
The lawsuit alleges violations of United States securities laws on behalf of purchasers of Avid securities from April 22, 2011 through and including February 22, 2013 (the “Class Period”). The complaint was filed March 25, 2013 in the United States District Court for the District of Massachusetts, as Courtney v. Avid Technology, Inc. et al., 1:13-cv-10686 (D. Mass.).
Based in Burlington, Mass., Avid develops, markets, sells and supports software and systems used to create and manipulate digital media content. On February 25, 2013, the Company said it was postponing the release of its financial results for the fourth quarter of 2012 because it needed more time “to evaluate its current and historical accounting treatment related to bug fixes, upgrades and enhancements” to certain products.
As a result of the news, Avid shares fell $0.68 per share, or nearly 9%, to close at $6.98 per share on Feb. 25, 2013.The lawsuit alleges claims 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 on behalf of Class Period investors. The complaint names as defendants the Company; former Chief Executive Officer and President Gary G. Greenfield; and Kenneth A. Sexton, the Chief Financial Officer, Executive Vice President and Chief Accounting Officer. Please click on the link to receive a copy of the Avid complaint or call Berman DeValerio at (800) 516-9926. If you are a member of the class, you may, no later than May 24, 2013, request that the court appoint you as lead plaintiff for the class. You may contact Berman DeValerio to discuss your rights and interest in the case. Please note that you may also retain counsel of your choice or, alternatively, take no action at this time, in which case you will still remain a class member.