Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Avid Technology, Inc.

Tue Apr 2, 2013 11:00pm EDT

* Reuters is not responsible for the content in this press release.

BENSALEM, Pa.--(Business Wire)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been
filed in the United States District Court for the District of Massachusetts on
behalf of all purchasers of the securities of Avid Technology, Inc. ("Avid" or
the "Company") (NASDAQ:AVID) between April 22, 2011 and February 22, 2013,
inclusive (the "Class Period"). 

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. To be a member of the Class you
need not take any action at this time, or may retain counsel of your choice. 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. If you wish to
discuss this action or have any questions concerning this Notice or your rights
or interests with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888)
638-4847, or by email to, or visit our website at

Law Offices of Howard G. Smith
Howard G. Smith, Esquire

Copyright Business Wire 2013

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