LOS ANGELES--(BUSINESS WIRE)--
Goldberg Law PC, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Avid Technology, Inc. (“Avid” or the “Company”) (Nasdaq: AVID). Investors who purchased or otherwise acquired shares between August 4, 2016 and November 9, 2016 inclusive (the “Class Period”), are encouraged to contact the firm in advance of the January 20, 2017 lead plaintiff motion deadline.
If you are a shareholder who suffered a loss during the Class Period, click here to participate. In addition, we encourage you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights free of charge. You can also reach us through the firm’s website at http://www.Goldberglawpc.com, or by email at [email protected].
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The complaint alleges that during the Class Period, 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.” When this news was announced, shares of Avid fell in value, causing investors harm.
Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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