Key Developments: Avid Technology Inc (AVID.O)
6.81USD
24 May 2013
$0.10 (+1.49%)
$6.71
$6.68
$6.84
$6.65
21,624
113,367
$10.04
$5.85
Latest Key Developments (Source: Significant Developments)
Robbins Geller Rudman & Dowd LLP Files Expanded Class Action Suit Against Avid Technology Inc
Robbins Geller Rudman & Dowd LLP announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the District of Massachusetts on behalf of purchasers of Avid Technology, Inc. (Avid) common stock during the period between January 29, 2010 and February 22, 2013 (the Class Period). The complaint charges Avid and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Based in Burlington, Massachusetts, Avid markets audio and video editing software used in the film, music, recording, television, concert and news industries. The complaint alleges that during the Class Period, Avid issued materially false and misleading statements overstating the Company’s financial results and prospects. As a result of these false statements, Avid’s common stock traded at artificially inflated prices during the Class Period, reaching a Class Period high of more than $23 per share in intraday trading on February 17, 2011, and facilitating the payment of millions of dollars in cash and equity incentive awards to Avid’s senior executives premised on their reported overstated revenues and operating earnings. Full Article
Levi & Korsinsky Notifies Investors With Losses On Their Investment In Avid Technology Inc Of Class Action Lawsuit
Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of investors who acquired Avid Technology, Inc. (Avid or the Company) stock between April 22, 2011 and February 22, 2013. Full Article
Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Avid Technology Inc
Ryan & Maniskas, LLP announced that a class action has been filed in the United States District Court for the District of Massachusetts on behalf of purchasers of Avid Technology Inc between April 22, 2011 and February 22, 2013. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Potential Securities Fraud At Avid Technology Inc
Faruqi & Faruqi, LLP announced that it is investigating potential securities fraud at Avid Technology Inc. The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that; Avid incorrectly accounted for its Software Updates by failing to properly treat them as post-contract customer support under the Generally Accepted Accounting Principles (GAAP); and Avid lacked adequate internal and financial controls. Full Article
Cohen Milstein Sellers & Toll PLLC Continues To Investigate Avid Technology Inc
Cohen Milstein Sellers & Toll PLLC announced that it is conducting an investigation to determine whether Avid Technology, Inc. (Avid or the Company) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. A class action lawsuit was filed in the U.S. District Court for the District of Massachusetts by another law firm on behalf of purchasers of the common stock of Avid between April 22, 2011 and February 22, 2013, inclusive (the Class Period). The complaint alleges that Avid and certain of its officers and directors (Defendants) misrepresented and/or failed to disclose that: (1) Avid incorrectly accounted for its Software Updates by failing to properly treat them as post-contract customer support under GAAP; (2) Avid lacked adequate internal and financial controls; and (3) as a result of the foregoing, Avid`s statements were materially false and misleading at all relevant times. On February 11, 2013, Avid announced that defendant Gary G. Greenfield had "voluntarily resigned" his posts as Chairman, CEO and President but would continue to serve as a director of the Company. The Company gave no explanation for Greenfield`s abrupt resignation. Full Article
Avid Technology Inc Announces New Chief Financial Officer
Avid Technology Inc announced that John Frederick will become Avid`s Executive Vice President, Chief Financial Officer and Chief Administrative Officer, effective immediately. Ken Sexton will transition from his role as Executive Vice President, Chief Financial Officer and Chief Administrative Officer to become a consultant with the Company. Full Article
Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline The Class Action Lawsuit Against Avid Technology Inc
Law Offices of Howard G. Smith announced that investors of Avid Technology, Inc. have until May 24, 2013 to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the District of Massachusetts on behalf of a class (the Class) comprising all purchasers of Avid securities between April 22, 2011 and February 22, 2013, inclusive (the Class Period). 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 the Company incorrectly accounted for Software Updates under U.S. Generally Accepted Accounting Principles (GAAP), by failing to properly treat the Software Updates as post-contract customer support; the Company lacked adequate internal and financial controls; and as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. Full Article
Gainey McKenna & Egleston Announces Securities Fraud Class Action Lawsuit Against Avid Technology Inc
Gainey McKenna & Egleston announced that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of all persons or entities who purchased the common stock of Avid Technology, Inc. between April 22, 2011 to February 22, 2013, seeking remedies under the federal securities laws. The Complaint alleges that throughout the Class Period Defendants issued false and misleading statements and failed to disclose material adverse facts about the Company's business, operations and prospects. Specifically, Defendants failed to disclose that the Company incorrectly accounted for software updates by failing to properly treat the software updates as post-contract customer support under U.S. Generally Accepted Accounting Principles; the Company lacked adequate internal and financial controls; and as a result of the foregoing, certain Company statements were materially false and misleading. Full Article
Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline In Class Action Lawsuit Against Avid Technology Inc
The Law Offices of Todd M. Garber announced that shareholders of Avid Technology Inc have until May 24, 2013 to move for lead plaintiff status in the shareholder lawsuit filed in the United States District Court for the District of Massachusetts. The lawsuit was filed on behalf of a class (the Class) comprising all purchasers of Avid securities between April 22, 2011 and February 22, 2013, inclusive (the Class Period). The Complaint alleges that the defendants made false and/or misleading statements or failed to disclose material adverse facts about the Company's business, operations and prospects. Specifically, throughout the Class Period 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. Full Article
Cohen Milstein Sellers & Toll PLLC Announces Investigation of Avid Technology Inc
Cohen Milstein Sellers & Toll PLLC announced that it is conducting an investigation to determine whether Avid Technology Inc (Avid or the Company) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. A class action lawsuit was filed in the U.S. District Court for the District of Massachusetts by another law firm on behalf of purchasers of the common stock of Avid between April 22, 2011 and February 22, 2013, inclusive (the Class Period). The complaint alleges that Avid and certain of its officers and directors (Defendants) misrepresented and/or failed to disclose that: Avid incorrectly accounted for its Software Updates by failing to properly treat them as post-contract customer support under GAAP; Avid lacked adequate internal and financial controls; and as a result of the foregoing, Avid`s statements were materially false and misleading at all relevant times. On February 11, 2013, Avid announced that defendant Gary G. Greenfield had voluntarily resigned his posts as Chairman, CEO and President but would continue to serve as a director of the Company. The Company gave no explanation for Greenfield`s abrupt resignation. Full Article
BRIEF-Rubicon Tech down 11.6 percent in extended trade
NEW YORK, May 7 - Rubicon Technology Inc : * Tech down 11.6 percent to $6.33 in extended trade after Q1 results, outlook
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
