LOS ANGELES, May 20, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all purchasers of the securities Avid Technology, Inc. ("Avid" or the "Company") (Nasdaq:AVID) between April 22, 2011 and February 22, 2013 (the "Class Period') have until May 24, 2013 to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the District of Massachusetts. Investors who have losses of $100,000 or more are encouraged to contact the firm for information concerning a lead plaintiff position.
A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US TOLL-FREE AT (888) 773-9224, AT (212) 682-5340 OR AT SHAREHOLDERS@GLANCYLAW.COM. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED.
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 Class described above, you may move the Court to serve as lead plaintiff no later than May 24, 2013; however, you must meet certain legal requirements.
To learn more about this action or if you have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll-Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
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