SAN DIEGO, Nov. 13, 2016 /PRNewswire/ -- Shareholder Rights Law Firm Johnson & Weaver, LLP today announced that it is investigating whether certain officers or directors of Avid Technology, Inc. (NASDAQ: AVID) violated state or federal laws. Avid develops, markets, sells and supports software and hardware for digital media content production, management and distribution worldwide.
On November 9, 2016, Avid disclosed that both its 3Q16 bookings and revenues had come in considerably lower than the Company had led the investment community to expect. Avid also slashed the upper end of its FY16 bookings guidance down to $445 million (from $566 million) and the upper end of its FY16 revenue guidance down to $517 million (from $565 million). On this news, the Company's stock price plummeted 28% on November 10, 2016.
Specifically, Johnson & Weaver's investigation will seek to determine if certain of Avid's statements regarding its business and future prospects were false or misleading when made.
If you have information that could assist in this investigation, including past employees and others, or if you are an Avid shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker ([email protected]) by email or phone at 619-814-4471. If emailing, please include a phone number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.