DEADLINE ALERT: Brower Piven Reminds Investors Of The January 20, 2017 Deadline In Class Action Lawsuit And Encourages Invest...
January 10 2017 - 10:10PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the District
of Massachusetts on behalf of purchasers of Avid Technology, Inc.
(Nasdaq: AVID) (“Avid” or the “Company”) common stock during the
period between August 4, 2016 and November 9, 2016, inclusive (the
“Class Period”). Investors who wish to become proactively involved
in the litigation have until January 20, 2017 to seek appointment
as lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from
investment in Avid common stock during the Class Period. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. No class has yet been certified in
the above action.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that because the
Company had not launched all the enterprise level features for its
new NEXIS solution product offerings, its enterprise customers were
deferring renewals and purchases.
According to the complaint, following a November 9, 2016
disclosure that both its bookings and revenues had come in
considerably lower than the Company had led the investment
community to expect, 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 value of Avid shares declined
significantly.
If you have suffered a loss in excess of $100,000 from
investment in Avid common stock purchased on or after August 4,
2016 and held through the revelation of negative information during
and/or at the end of the Class Period and would like to learn more
about this lawsuit and your ability to participate as a lead
plaintiff, without cost or obligation to you, please visit our
website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. Brower Piven also encourages anyone with information
regarding the Company’s conduct during the period in question to
contact the firm, including whistleblowers, former employees,
shareholders and others.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
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version on businesswire.com: http://www.businesswire.com/news/home/20170110006244/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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