The Shuman Law Firm announces that it is investigating potential claims against certain officers and directors of Avid Technology, Inc. (“Avid” or the “Company”) (Nasdaq: AVID). Avid is a Massachusetts-based provider of digital media content-creation products and solutions for audio, film, video, broadcast professionals, artists, and creative enthusiasts in the United States and internationally.
The Firm’s investigation concerns the Company’s February 25, 2013, announcement that it would be unable to timely report its fiscal 2012 results, and stated that it was reviewing its accounting for PCS sales revenues. Subsequently, the Company disclosed that its Chief Financial Officer had been terminated and that the U.S. Department of Justice and the Securities Exchange Commission had commenced investigations into the Company’s accounting practices and disclosures. On May 21, 2013, the Company announced that it would have to restate its fiscal 2009, 2010 and 2011 financial reports and those for the interim quarterly periods of 2011 and 2012. In addition, Avid disclosed that costs and expenses had been understated and the Company had identified internal control deficiencies.
If you currently own Avid common stock and are interested in discussing your rights as a shareholder, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at email@example.com or email Mr. Glenn at firstname.lastname@example.org.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in stockholder litigation.