Avid Technology, Inc. ("Avid" or the Company) is a technology provider to the media and entertainment industry. The Company makes software and integrated solutions for video and audio content creation, management, and distribution.

According to the law firm press release, the Complaint alleges that during the Class Period, Avid 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." The Complaint alleges that on this news, the Company's stock price plummeted 28% on November 10, 2016, on unusually high trading volume.

On February 7, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an Amended Complaint on April 14 and a Corrected Amended Complaint on April 19.

The parties entered into a Stipulation of Settlement on November 30, 2017. This Settlement was preliminarily approved on January 12, 2018. On May 2, the Court granted final approval of the Settlement and entered Final Judgment. The Court issued an Order granting authorization to distribute the net Settlement fund on July 17, 2019.