|[February 26, 2013]
Newman Ferrara LLP Announces Investigation of Avid Technology, Inc.
NEW YORK --(Business Wire)--
Newman Ferrara LLP is conducting an investigation on behalf of
shareholders of Avid Technology, Inc. ("Avid") (Nasdaq) ("AVID") into
potential violations of federal securities laws and breaches of
fiduciary duty by Avid and certain of its officers and directors.
On February 25, 2013, Avid announced that it is postponing its
fourth-quarter earnings release, originally scheduled for February 26,
indefinitely due to accounting issues. Specifically, Avid stated that it
needs "additional time for the Company to evaluate its current and
historical accounting treatment related to bug fixes, upgrades and
enhancements to certain products which the Company has provided to
certain customers." Avid announced that it is "unable to estimate when
the evaluation will be completed." On this news, shares of Avid stock
dropped approximately 12% in value to a February 25, 2013 trading price
of $6.71 per share.
Shareholders of Avid stock may contact Newman Ferrara attorneys Jeffrey
Norton (firstname.lastname@example.org) or Roy
Shimon (email@example.com) by
email or call (212) 619-5400 to discuss this investigation and their
rights as Avid shareholders.
Whistleblowers: Persons with knowledge that may aid in the
investigation of this matter are encouraged to contact the firm. Under
the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected
from employer retaliation and may be entitled to as much as 30 percent
of the recovery if the information provided leads to a successful action.
Newman Ferrara maintains a multifaceted practice based in New York City
with attorneys specializing in complex commercial and multi-party
litigation, securities fraud and shareholder litigation, consumer
protection, civil rights, and real estate. For more information, please
visit the firm website at www.nfllp.com.
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