Cases
Avid Technology, Inc. (NASDAQ: AVID)
Securities Class Action
Overview
Overview
- Date:
- 12/1/2016
- Company Name:
- Avid Technology, Inc.
- Stock Symbol:
- AVID
- Class Period:
- FROM 8/4/2016 TO 11/9/2016
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Massachusetts
NEW YORK, December 1, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Massachusetts District Court on behalf of all persons or entities who acquired the Avid Technology, Inc. (NASDAQ: AVID) securities between August 4, 2016 to November 9, 2016 (the “Class Period”).
Throughout the Class Period Defendants made materially false and/or misleading statements regarding its business, operations, earnings, and financial prospects. The Company knew and failed to disclose that it had not launched all of the enterprise level features for its new NEXIS solution product offerings, leading its enterprise customers to defer renewals and purchases. On November 9, 2016, after the close of trading, Avid suddenly disclosed that both its bookings and revenues for 3Q16 had come in considerably lower than the Company had led investors to expect, blaming “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.” On this news, the Company’s stock fell $1.80 per share.
If you acquired Avid securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
Throughout the Class Period Defendants made materially false and/or misleading statements regarding its business, operations, earnings, and financial prospects. The Company knew and failed to disclose that it had not launched all of the enterprise level features for its new NEXIS solution product offerings, leading its enterprise customers to defer renewals and purchases. On November 9, 2016, after the close of trading, Avid suddenly disclosed that both its bookings and revenues for 3Q16 had come in considerably lower than the Company had led investors to expect, blaming “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.” On this news, the Company’s stock fell $1.80 per share.
If you acquired Avid securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.