Shareholder Lawsuit: Avid Technology (AVID)

Avid TechnologyA securities class action lawsuit has been filed against Avid Technology, Inc. (NASDAQ: AVID) in connection to the allegations involving securities sold between August 4, 2016 and November 9, 2016. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Avid Technology and wish to serve as the lead plaintiff.

The complaint specifically alleges that Avid Technology (AVID) was aware that because it had not fully launched enterprise features for its NEXIS solution products, its enterprise customers were putting off renewals and purchases, but that despite this awareness, Avid Technology did not disclose such. However, Avid Technology did disclose, on November 9, 2016, that its third quarter (2016) revenues and bookings were significantly below what it had projected to investors, citing a storage line transition. At this time, the company also disclosed that “some existing enterprise clients deferred normal upgrade and renewal decisions and new customers postponed investments until the release of functionality targeted to the enterprise market.”

According to the Google Finance, Avid Technology (AVID) “is a provider of an open and integrated technology platform, along with applications and services that enable the creation, distribution and monetization of audio and video content.” The description continues: “The Company develops, markets, sells and supports software and hardware for digital media content production, management, secured content storage and distribution. The Company’s products are used in production and post-production facilities; film studios; network, affiliate, independent and cable television stations; recording studios; live-sound performance venues; advertising agencies; government and educational institutions; corporate communication departments, and by independent video and audio creative professionals, as well as aspiring professionals and enthusiasts. Projects produced using its products include feature films, television programs, live events, news broadcasts, commercials, music, video and other digital media content.” The company is headquartered in Burlington, Massachusetts and trades on the NASDAQ exchange under AVID.

A class action lawsuit has already been filed in connection with AVID. If you wish to serve as lead plaintiff in the Avid Technology lawsuit, you must move the Court no later than January 20, 2017. If you wish to join the litigation, please contract Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.