NEW YORK, Jan. 06, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been commenced in United States District Court for the District of Massachusetts on behalf of all purchasers of Avid Technology, Inc. (NASDAQ:AVID) (“Avid”) common stock during the period between August 4, 2016 and November 9, 2016, inclusive (the "Class Period").
Investors who have incurred losses in Avid Technology, Inc. shares are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may also review the filed complaint and obtain additional information concerning the action on our website, www.whafh.com.
If you purchased shares of Avid Technology, Inc within the class period and suffered losses, you may, no later than January 20, 2017, request that the Court appoint you lead plaintiff of the proposed class.
The filed complaint alleges that during the Class Period, Avid Technology made materially false and misleading statements regarding its business, operations, earnings, and financial prospects. Specifically, 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.
The complaint alleges that on November 9, 2016, after the close of trading, Avid suddenly disclosed that both its 3Q16 bookings and revenues had come in considerably lower than the Company had led the investment community 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 release of this news, the Company's stock price plummeted 28% on November 10, 2016, on unusually high trading volume, closing at $4.52, down $1.80.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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