EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against Avid Technology, Inc. – AVID
November 23 2016 - 10:45AM
Business Wire
Rosen Law Firm, a global investor rights law firm, announces the
filing of a class action lawsuit on behalf of purchasers of Avid
Technology, Inc. securities (NASDAQ: AVID) from August 4, 2016
through November 9, 2016, inclusive (the “Class Period”). The
lawsuit seeks to recover damages for Avid investors under the
federal securities laws.
To join the Avid class action, go to
http://rosenlegal.com/cases-1003.html or call Phillip Kim, Esq. or
Kevin Chan, Esq. toll-free at 866-767-3653 or email
pkim@rosenlegal.com or kchan@rosenlegal.com for information on the
class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO
NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The complaint alleges that during the Class Period, Avid made
materially false and misleading statements regarding its business,
operations, earnings, and financial prospects. Specifically, the
complaint alleges that during the Class Period Avid knew but failed
to disclose that because it had not launched all the enterprise
level features for its new NEXIS solution product offerings, its
enterprise customers were deferring renewals and
purchases. The complaint alleges that on November 9, 2016,
after the close of trading, Avid suddenly disclosed that both its
3Q16 bookings and revenues had come in considerably lower than the
Company had led the investment community to expect, blaming “the
transition of the storage product line” and disclosing 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.” The complaint
alleges that on this news, Avid’s stock price plummeted 28% on
November 10, 2016, on unusually high trading volume.
A class action lawsuit has already been filed. If you wish to
serve as lead plaintiff, you must move the Court no later than
January 20, 2017. A lead plaintiff is a representative party acting
on behalf of other class members in directing the litigation. If
you wish to join the litigation, go to
http://rosenlegal.com/cases-1003.html or to discuss your rights or
interests regarding this class action, please contact Phillip Kim,
Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at
866-767-3653 or via e-mail at pkim@rosenlegal.com or
kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
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version on businesswire.com: http://www.businesswire.com/news/home/20161123005472/en/
The Rosen Law Firm, P.A.Laurence Rosen, Esq.Phillip Kim,
Esq.Kevin Chan, Esq.275 Madison Avenue, 34th FloorNew York, NY
10016Tel: 212-686-1060Toll Free: 866-767-3653Fax:
212-202-3827lrosen@rosenlegal.compkim@rosenlegal.comkchan@rosenlegal.comwww.rosenlegal.com
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