Case Page

 

Case Status:    SETTLED
On or around 05/20/2015 (Other)

Filing Date: March 25, 2013

According to the law firm press release, Avid develops, markets, sells, and supports a variety of software and systems for creating and manipulating digital media content. The Company develops and sells digital editing systems and newsroom computer systems, as well as digital audio systems. Avid’s products are used worldwide in production and post-production film, video, and television facilities.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company 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; (2) the Company lacked adequate internal and financial controls; and (3) as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times. As a result of Defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, Plaintiff and other Class members have suffered significant losses and damages.

On February 25, 2013, the Company disclosed that it was postponing the release of its financial results for the fourth quarter of 2012 as it will need additional time “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 these revelations, Avid shares declined $0.68 per share or nearly 9%, to close at $6.98 per share on February 25, 2013.

On March 21, 2013, the Company 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. On this news, Avid shares declined an additional $0.26 per share or 3.81%, to close at $6.56 per share on March 22, 2013.

An amended complaint was filed on September 16, 2013.

On December 31, 2014, the parties entered into a Stipulation of Settlement. The Settlement was preliminarily approved on January 14, 2015. The Settlement was granted final approval and this case was dismissed on May 12, 2015.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Photography
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AVID
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Massachusetts
DOCKET #: 13-CV-10686
JUDGE: Hon. William G. Young
DATE FILED: 03/25/2013
CLASS PERIOD START: 04/22/2011
CLASS PERIOD END: 02/22/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio (Boston)
    One Liberty Square, Berman DeValerio (Boston), MA 02109
    617.542.8300 617.542.8300 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 13-CV-10686
JUDGE: Hon. William G. Young
DATE FILED: 09/16/2013
CLASS PERIOD START: 10/23/2008
CLASS PERIOD END: 03/20/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hutchings, Barsamian, Mandelcorn & Zeytoonian, LLP

    ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  3. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  4. Shapiro Haber & Urmy LLP (Boston)
    53 State Street, Shapiro Haber & Urmy LLP (Boston), MA 02109
    617.439.3939 617.439.0134 · info@shulaw.com
  5. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
No Document Title Filing Date