Investor Alert: Hagens Berman Notifies Avid Technology, Inc. Investors of
Class Action and May 24, 2013 Lead Plaintiff Deadline
BERKELEY, Calif. -- March 28, 2013
Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, is
notifying investors in Avid Technology, Inc. (NASDAQ: AVID) (“AVID” or “the
Company”) of the filing of a securities class-action lawsuit seeking to
recover losses. Investors who have suffered losses may contact the firm by
If you purchased shares of AVID common stock between April 22, 2011, and Feb.
22, 2013, inclusive (the “Class Period”), suffered significant losses and wish
to be a lead plaintiff in the pending class action, you may contact Hagens
Berman Partner Reed Kathrein, who is leading the firm’s investigation, by
calling (510) 725-3000. You can also contact Mr. Kathrein by submitting
information at http://www.hb-securities.com/investigations/AVID.
Investors who wish to serve as lead plaintiff in the case must move the court
no later than May 24, 2013. Any investor during the Class Period may file to
serve as lead plaintiff through counsel of their choice, or may choose to do
nothing and remain an absent class member.
On Feb. 25, 2013, AVID announced a postponement of its fourth quarter
financial results. On the news, the company’s stock price fell nearly 9
On March 21, 2013, the company announced that it received a letter on March
19, 2013, from the NASDAQ Listing Qualifications Department. The letter,
according to the company, noted that it is no longer in compliance with NASDAQ
rules because of its failure to submit financial results to the Securities and
Exchange Commission. The next day, AVID’s stock price continued to decline,
closing at a price of approximately $6.56, down from a close of approximately
$6.82 before the company announced receipt of NASDAQ’s letter. The stock
closed at a price of $6.40 on March 27, 2013.
Hagens Berman’s investigation centers around AVID and its senior executives’
possible knowledge of issues in its financial statements.
Hagens Berman reminds whistleblowers with inside information that rewards may
be available to individuals who report information leading to a successful
enforcement action by the Securities and Exchange Commission. Under the new
SEC whistleblower program, whistleblowers who provide original information may
receive rewards totaling up to 30 percent of any successful recovery made by
About Hagens Berman
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm
with offices in 10 cities. The Firm represents investors, whistleblowers,
workers and consumers in complex litigation. More about the law firm and its
successes can be found at www.hbsslaw.com. The Firm’s securities law blog is
Firmani + Associates
Mark Firmani, 206-443-9357
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