19 Days Remain before May 24, 2013, Lead Plaintiff Deadline in Investor Lawsuit against Avid Technology, Inc., Hagens Berman Reminds Investors
Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm,
today informed investors that only 19 days remain before the lead
plaintiff deadline in a lawsuit filed on their behalf against Avid
Technology, Inc. (NASDAQ:AVID) (“AVID” or “the Company”). Investors who
have suffered losses may contact the firm by emailing AVID@hbsslaw.com.
If you purchased shares of AVID common stock between April 22, 2011, and
Feb. 22, 2013, inclusive (the “Class Period”), suffered significant
losses and wish to be a lead plaintiff in the pending class action, you
may contact Hagens Berman Partner Reed Kathrein, who is leading the
firm’s investigation, by calling 510-725-3000. You can also contact Mr.
Kathrein by submitting information at http://www.hb-securities.com/investigations/AVID.
Investors who wish to serve as lead plaintiff in the case must move the
court no later than May 24, 2013. Any investor during the Class Period
may file to serve as lead plaintiff through counsel of their choice, or
may choose to do nothing and remain an absent class member.
On Feb. 25, 2013, AVID announced that it would be postponing its
fourth-quarter financial results. On the news, the company’s stock price
fell nearly 9 percent.
On March 21, 2013, the company announced that it received a letter on
March 19, 2013, from the NASDAQ Listing Qualifications Department. The
letter, according to the company, noted that it is no longer in
compliance with NASDAQ rules because of its failure to submit financial
results to the Securities and Exchange Commission. The next day, AVID’s
stock price continued to decline. It continues to trade below class
period highs.
Hagens Berman’s investigation centers around AVID and its senior
executives’ possible knowledge of issues in its financial statements.
Hagens Berman reminds whistleblowers with inside information that
rewards may be available to individuals who report information leading
to a successful enforcement action by the Securities and Exchange
Commission. Under the new SEC whistleblower program, whistleblowers who
provide original information may receive rewards totaling up to 30
percent of any successful recovery made by the SEC.
About
Hagens Berman
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law
firm with offices in 10 cities. The Firm represents investors,
whistleblowers, workers and consumers in complex litigation. More about
the law firm and its successes can be found at www.hbsslaw.com.
The Firm’s securities law blog is at http://www.meaningfuldisclosure.com.
