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Gainey McKenna & Egleston Announces Securities Fraud Class Action Lawsuit Against Avid Technology Inc

Friday, 19 Apr 2013 07:30pm EDT 

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. 

Company Quote

0.61 +4.05%
27 Feb 2015