LOS ANGELES--(BUSINESS WIRE)--
The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of a class (the “Class”) comprising 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.
If you are a member of the above-described Class, you may move the Court no later than May 24, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
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- Company Legal & Law Matters
- United States District Court
Todd M. Garber, Attorney at Law
Los Angeles, California