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NEW YORK, Nov. 22, 2016 -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of Avid Technology, Inc. (NASDAQ:AVID) between August 4, 2016 and November 9, 2016. You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the District of Massachusetts. To get more information go to:
http://www.zlk.com/pslra/avid-technology
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
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.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph E. Levi, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com
