Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, is notifying investors in Avid Technology, Inc. (NASDAQ: AVID) (“AVID” or “the Company”) of the filing of a securities class-action lawsuit seeking to recover losses. Investors who have suffered losses may contact the firm by emailing AVID@hbsslaw.com.
If you purchased shares of AVID common stock between April 22, 2011, and Feb. 22, 2013, inclusive (the “Class Period”), suffered significant losses and wish to be a lead plaintiff in the pending class action, you may contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000. You can also contact Mr. Kathrein by submitting information at http://www.hb-securities.com/investigations/AVID.
Investors who wish to serve as lead plaintiff in the case must move the court no later than May 24, 2013. Any investor during the Class Period may file to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
On Feb. 25, 2013, AVID announced a postponement of its fourth quarter financial results. On the news, the company’s stock price fell nearly 9 percent.On March 21, 2013, the company announced that it received a letter on March 19, 2013, from the NASDAQ Listing Qualifications Department. The letter, according to the company, noted that it is no longer in compliance with NASDAQ rules because of its failure to submit financial results to the Securities and Exchange Commission. The next day, AVID’s stock price continued to decline, closing at a price of approximately $6.56, down from a close of approximately $6.82 before the company announced receipt of NASDAQ’s letter. The stock closed at a price of $6.40 on March 27, 2013. Hagens Berman’s investigation centers around AVID and its senior executives’ possible knowledge of issues in its financial statements.