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Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline In Class Action Lawsuit Against Avid Technology Inc

Sunday, 14 Apr 2013 08:48pm EDT 

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. 

Company Quote

18 Dec 2014