LOS ANGELES--(BUSINESS WIRE)--
Lundin Law PC, a shareholder rights firm, announces the filing of a class action lawsuit against Avid Technology, Inc. (“Avid” or the “Company”) (Nasdaq: AVID) concerning possible violations of federal securities laws between August 4, 2016 and November 9, 2016 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the January 20, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here. You can also call Brian Lundin, Esquire, of Lundin Law PC, at 888-713-1033, or e-mail him at [email protected].
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, Avid failed to disclose that because it did not launch all the enterprise level features for its new NEXIS solution product offerings, its enterprise customers were deferring renewals and purchases. On November 9, 2016, the Company announced that both its third quarter 2016 bookings and revenues were much lower than it led investors to expect, citing “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.”
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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