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Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Avid Technology, Inc.

Sunday, April 28, 2013 2:00 PM


Glancy Binkow & Goldberg LLP announces that purchasers of the securities of Avid Technology, Inc. (“Avid” or the “Company”) (NASDAQ:AVID) between April 22, 2011 and February 22, 2013 (the “Class Period”) have until May 24, 2013 to file a motion with the Court to be appointed as lead plaintiff. The shareholder lawsuit was filed in the United States District Court for the District of Massachusetts.

A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US BY PHONE TO DISCUSS THIS ACTION OR TO OBTAIN A COPY OF THE COMPLAINT AT (310) 201-9150, TOLL-FREE AT (888) 773-9224, OR BY EMAIL AT SHAREHOLDERS@GLANCYLAW.COM.

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 Class described above, you have until May 24, 2013 to move the Court to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent Class member. To learn more about this action, or if you have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

(Source: Business Wire )
(Source: Quotemedia)

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