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”) (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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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