Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Avid
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.
Glancy Binkow & Goldberg LLP, Los Angeles, CA
310-201-9150 or 888-773-9224
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