Levi & Korsinsky announces the commencement of a class action lawsuit in the USDC for the District of Massachusetts on behalf of shareholders of Avid Technology, Inc. (NASDAQ: AVID) who purchased shares between August 4, 2016 and November 9, 2016.
The complaint alleges that during the Class Period, Avid knew but failed to disclose that because it had not launched all the enterprise level features for its new NEXIS solution product offerings, its enterprise customers were deferring renewals and purchases. On November 9, 2016, after the close of trading, Avid disclosed that both its third quarter 2016 bookings and revenues had come in considerably lower than the Company had led the investment community to expect, citing “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.”
If you suffered a loss in Avid you have until January 20, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
To receive more information, please fill out the form.