NEW YORK, Jan. 11, 2017 /PRNewswire/ -- 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.
Contact Information:
Laurence
Rosen, Esq.
Phillip Kim,
Esq.
Kevin Chan,
Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 34th
Floor
New York,
NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
kchan@rosenlegal.com
www.rosenlegal.com
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SOURCE Rosen Law Firm, P.A.