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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of May 4, 2015 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
January 14, 2015 - The court preliminarily approved the settlement.
December 31, 2014 - A stipulation of settlement was filed by the parties.
June 27, 2014 - The court granted in part and denied in part the defendants' motions to dismiss.
October 31, 2013 - A motion to dismiss the amended consolidated complaint was filed.
September 16, 2013 - An amended consolidated complaint was filed.
March 25, 2013 - An investor in shares of Avid Technology Inc (NASDAQ: AVID) filed a lawsuit in the U.S. District Court for the District Of Massachusetts against Avid Technology Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 22, 2011 and February 22, 2013.
According to the complaint the plaintiff alleges on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Avid Technology Inc (NASDAQ: AVID) between April 22, 2011 and February 22, 2013, that Avid Technology Inc and certain of its officers violated the Securities Exchange Act of 1934.
More specifically, the plaintiff claims that the defendants allegedly made false and/or misleading statements and/or failed to disclose that Avid Technology Inc allegedly 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, that Avid Technology Inc allegedly lacked adequate internal and financial controls, and that Avid Technology Inc allegedly as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On February 25, 2013, Avid Technology Inc announced that it is postponing its fourth quarter 2012 earnings release and investor conference call, previously scheduled for Tuesday, February 26, 2013 to provide additional time for the Company to evaluate its current and historical accounting treatment related to bug fixes, upgrades and enhancements to certain products which the Company has provided to certain customers.
On March 21, 2013, Avid Technology Inc announced that it had received a notification letter from NASDAQ as it was no longer in compliance due to the delay in filing its annual report. Shares of Avid Technology Inc declined from $7.66 per share on Feb. 22, 2013 to $6.50 on March 22, 2013.
On March 26, 2013, Avid Technology Inc (NASDAQ: AVID) shares closed at $6.68 per share, which is significantly below its current 52 week High of $11.74 per share.