Avid Technology Inc (NASDAQ: AVID) Investor Securities Class Action Lawsuit 11/21/2016

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Company Name(s): 
Avid Technology
Case Name: 
Avid Technology Shareholder Class Action Lawsuit 11/21/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: AVID
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/21/2016
Class Period Begin: 
08/04/2016
Class Period End: 
11/09/2016
Court of Filing: 
U.S. District Court for the District of Massachusetts
Deadline To File for Lead: 
01/20/2017
Date Settled: 
01/12/2018
Settlement Amount: 
$1,325,000
Deadline to Participate in Settlement: 
04/19/2018
Summary: 

January 12, 2018 - The court preliminarily approved the settlement.

November 30, 2017 - Parties filed a stipulation of settlement.

June 14, 2017 - Defendants filed a motion to dismiss.

April 19, 2017 - The lead plaintiff filed a corrected amended complaint.

April 14, 2017 - The lead plaintiff filed an amended complaint.

February 7, 2017 - Lead plaintiff and lead counsel were appointed.

November 21, 2016 - An investor in shares of Avid Technology Inc (NASDAQ: AVID) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by Avid Technology Inc in connection with certain allegedly false and misleading statements made between August 4, 2016 and November 9, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Avid Technology Inc (NASDAQ: AVID) common shares between August 4, 2016 and November 9, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 4, 2016 and November 9, 2016 Avid Technology Inc 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.

Avid Technology Inc reported that its annual Total Revenue declined from $530.25 million in 2014 to $505.60 million in 2015 and that its Net Income decreased from $14.73 million in 2014 to $2.48 million in 2015. Shares of Avid Technology Inc (NASDAQ: AVID) $17.85 per share in June 2015 to as low as $5.38 per share in May 2016.

On November 9, 2016, Avid Technology Inc announced its third quarter 2016 results and updated its full-year 2016 guidance. Shares of Avid Technology Inc (NASDAQ: AVID) declined to as low as $4.24 per share on November 23, 2016.