Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From
Investment in Avid Technology, Inc. to Inquire About the Lead Plaintiff
Position in Securities Fraud Class Action Lawsuit Before the May 24, 2013 Lead
Plaintiff Deadline -- AVID
STEVENSON, Md., March 26, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A
Professional Corporation announces that a class action lawsuit has been
commenced 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) common stock during the period between April 22, 2011
and February 22, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Avid Technology, Inc.
common stock purchased on or after April 22, 2011, and held through February
22, 2013, you may obtain additional information about this lawsuit and your
ability to become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at email@example.com, by calling
410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley
Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined
experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will
be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply
to be appointed lead plaintiff no later than May 24, 2013 and be selected by
the Court. The lead plaintiff will direct the litigation and participate in
important decisions including whether to accept a settlement and how much of a
settlement to accept for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from investment in
the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange
Act of 1934 by virtue of the defendants' failure to disclose during the Class
Period that the Company failed to account for software patches, upgrades, and
enhancements as post-contract customer support in accordance with Generally
Accepted Accounting Principles. According to the Complaint, following the
Company's February 25, 2013 disclosure that it was postponing the release of
its financial results for the fourth quarter of 2012 to evaluate its current
and historical accounting treatment for software patches, upgrades, and
enhancements, the value of Avid shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your choice. You
need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
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