WAYNE, Pa., May 2, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/avid) announces that class action has been filed in the United States District Court for the District of Massachusetts on behalf of purchasers of Avid Technology, Inc. ("Avid" or the "Company") (NASDAQ: AVID) between April 22, 2011 and February 22, 2013 (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/avid.
Avid develops, markets, sells, and supports a variety of software and systems for creating and manipulating digital media content. The Company develops and sells digital editing systems and newsroom computer systems, as well as digital audio systems. Avid's products are used worldwide in production and post-production film, video, and television facilities.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company incorrectly accounted for its Software Updates by failing to properly treat the Software Updates as post-contract customer support under U.S. Generally Accepted Accounting Principles; (2) the Company lacked adequate internal and financial controls; and (3) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. As a result of Defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, Plaintiff and other Class members have suffered significant losses and damages.
On February 25, 2013, the Company disclosed that it was postponing the release of its financial results for the fourth quarter of 2012 as it will need additional time "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." On these revelations, Avid shares declined $0.68 per share or nearly 9%, to close at $6.98 per share on February 25, 2013.
On March 21, 2013, the Company announced that it had received a notification letter from NASDAQ as it was no longer in compliance due to the delay in filing its annual report. On this news, Avid shares declined an additional $0.26 per share or 3.81%, to close at $6.56 per share on March 22, 2013.
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 of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/avid or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at firstname.lastname@example.org. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP