LOS ANGELES, May 13, 2013 (GLOBE NEWSWIRE) -- The Law Offices of Todd M. Garber announces that all purchasers of the securities of Avid Technology, Inc. ("Avid" or the "Company") (Nasdaq:AVID) between April 22, 2011 and February 22, 2013, inclusive (the "Class Period") have until May 24, 2013 to file a motion with the Court to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the District of Massachusetts.
The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements or failed to disclose material adverse facts about the Company's business, operations and prospects. Specifically, defendants misrepresented or failed to disclose that: (1) the Company incorrectly accounted for its Software Updates by failing to properly treat the Software Updates as post-contract customer support under U.S. Generally Accepted Accounting Principles; (2) the Company lacked adequate internal and financial controls; and (3) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
If you are a member of the above-described Class, you may move the Court no later than May 24, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time. You may retain counsel of your choice or take no action and remain an absent Class member.
If you purchased Avid shares prior to the Class Period and still hold those shares or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org. Those who inquire by email are encouraged to include their mailing address, telephone number and number of shares purchased.
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CONTACT: Todd M. Garber, Attorney at Law Los Angeles, California 213-700-7262 email@example.comSource:Law Offices of Todd M. Garber