Robbins Geller Rudman & Dowd LLP and Pomerantz LLP Announce Proposed Settlement of Class Action in the Avid Securities Litigation

SAN DIEGO, Feb. 11, 2015 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP and Pomerantz LLP regarding the Avid Securities Litigation

UNITED STATES DISTRICT COURT
DISTRICT OF MASSACHUSETTS

MICHAEL COURTNEY, Individually and on Behalf of All Others Similarly Situated, Plaintiff, vs. AVID TECHNOLOGY, INC., GARY G. GREENFIELD, KENNETH A. SEXTON and ERNST & YOUNG, LLP, Defendants. No. 1:13-cv-10686-WGY, CLASS ACTION

TO:       ALL PERSONS WHO PURCHASED OR ACQUIRED AVID TECHNOLOGY, INC. ("AVID") COMMON STOCK DURING THE PERIOD BETWEEN OCTOBER 23, 2008 AND FEBRUARY 24, 2014, INCLUSIVE

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Massachusetts, that a hearing will be held on May 12, 2015, at 2:00 p.m., before the Honorable William G. Young, United States District Judge, at the United States District Court for the District of Massachusetts, John Joseph Moakley U.S. Courthouse, 1 Courthouse Way, Boston, Massachusetts 02210, for the purpose of determining: (1) whether the proposed Settlement of the claims in the Litigation for the amount of $2,595,000.00 should be approved by the Court as fair, reasonable, and adequate; (2) whether a Final Judgment and Order of Dismissal with Prejudice ("Judgment") should be entered by the Court dismissing the Litigation with prejudice and releasing the Released Claims; (3) whether the Plan of Allocation for the Net Settlement Fund is fair, reasonable, and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees, costs, and expenses and an award to the Lead Plaintiff for his service to the Settlement Class should be approved.

IF YOU PURCHASED OR ACQUIRED AVID COMMON STOCK DURING THE TIME PERIOD FROM OCTOBER 23, 2008, THROUGH AND INCLUDING FEBRUARY 24, 2014 (THE "CLASS PERIOD"), YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION, INCLUDING THE RELEASE AND EXTINGUISHMENT OF CLAIMS YOU MAY POSSESS RELATING TO YOUR PURCHASE OR ACQUISITION OF AVID COMMON STOCK DURING THE CLASS PERIOD.  If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action, Motion for Attorneys' Fees and Settlement Fairness Hearing ("Notice") and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Avid Securities Litigation, c/o GCG, Claims Administrator, P.O. Box 10147, Dublin, OH 43017-3147, or on the Internet at www.GCGInc.com.  If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release by mail or online no later than May 4, 2015, establishing that you are entitled to recovery.

If you purchased or acquired Avid common stock during the Class Period and you desire to be excluded from the Settlement Class, you must submit a request for exclusion so that it is received no later than April 28, 2015, in the manner and form explained in the detailed Notice referred to above.  All members of the Settlement Class who do not timely and validly request exclusion from the Settlement Class will be bound by any judgment entered in the Litigation pursuant to the Stipulation of Settlement.

Any objection to the Settlement, the Plan of Allocation, Lead Counsel's request for attorneys' fees, costs, and expenses or the Lead Plaintiff's request for his reasonable costs and expenses incurred in representing the Settlement Class must be received by each of the following recipients no later than April 28, 2015:

COURT
Clerk of the Court
United States District Court
District of Massachusetts
John Joseph Moakley U.S. Courthouse
1 Courthouse Way, Suite 2300
Boston, MA  02210

LEAD COUNSEL
Jeremy A. Lieberman
POMERANTZ LLP
600 Third Avenue
New York, NY  10016

Ellen Gusikoff Stewart
ROBBINS GELLER RUDMAN & DOWD LLP
655 West Broadway, Suite 1900
San Diego, CA  92101

DEFENDANTS' COUNSEL
Matthew C. Baltay
FOLEY HOAG LLP
155 Seaport Boulevard
Boston, MA  02210

Matthew L. McGinnis
ROPES & GRAY LLP
Prudential Tower
800 Boylston Street
Boston, MA  02199

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  If you have any questions about the Settlement, you may contact Lead Counsel at the addresses listed above.

DATED: January 14, 2015                                 
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF MASSACHUSETTS

SOURCE Robbins Geller Rudman & Dowd LLP; Pomerantz LLP