Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Avid Technology, Inc.
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Avid Technology, Inc. Business Wire LOS ANGELES -- March 27, 2013 Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of a class (the “Class”) comprising all purchasers of the securities of Avid Technology, Inc. (“Avid” or the “Company”) (NASDAQ:AVID) between April 22, 2011 and February 22, 2013. Avid provides digital media content-creation products and solutions for audio, film, video, broadcast professionals, artists and creative enthusiasts in the Americas, the Asia-Pacific, Europe, the Middle East and Africa. The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements or failed to disclose material adverse facts about the Company's business, operations and prospects. Specifically, defendants misrepresented 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. No class has yet been certified in this action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Avid securities during the Class Period, you have certain rights, and have until May 24, 2013 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Contact: Glancy Binkow & Goldberg LLP, Los Angeles, CA Michael Goldberg 310-201-9150 or 888-773-9224 email@example.com www.glancylaw.com