Top Manhatten law firm, Newman Ferrara LLP, who are specialists in commercial and multi-party litigation have announced an investigation on behalf of shareholders of Avid Technology, Inc. into potential violations of federal securities laws and breaches of fiduciary duty by Avid and certain of its officers and directors. At the same time Washington based Finkelstein Thompson LLP have announced an investigation of the same kind.
On Monday Avid “postponed” its quarterly earnings announcement indefinitely and cited the need for “additional time for the Company 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.”
Shares have plummeted since the announcement on Monday. Gary Greenfield recently stepped down from his role as CEO and has been replaced by Louis Hernandez.
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