NEW YORK, Jan. 11, 2017 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Avid Technology, Inc. (“Avid” or the “Company”) (NASDAQ: AVID ) and certain of its officers, and is on behalf of shareholders who purchased or otherwise acquired Avid securities between August 4, 2016 and November 9, 2016, both dates inclusive (the “Class Period”). Such investors are advised to join this case by visiting the firm’s site: http://www.bgandg.com/avid .
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that because it did not launch all the enterprise level features for its new NEXIS solution product offerings, its enterprise clients were suspending renewals and purchases.
On November 9, 2016 Avid revealed that its third quarter 2016 bookings and revenues were much lower than how it was forecasted and told to investors. Avid said, “the transition of the storage product line” and divulging 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.”
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/avid or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
