[ACCESSWIRE]
IRVINE, CA / ACCESSWIRE / January 17, 2017 / Khang & Khang LLP (the "Firm") announces a class action lawsuit against Avid Technology, Inc. ("Avid" or the "Company") (NASDAQ: AVID). Investors who purchased or otherwise acquired shares between August 4, 2016 and November 9, 2016, inclusive (the "Class Period"), are encouraged to contact the Firm in advance of the January 20, 2017 lead plaintiff motion deadline.
If you purchased shares of Avid during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or by e-mail at [email protected].
There has been no class certification in this case yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
The complaint alleges that Avid failed to disclose that because it did not launch all the enterprise level features for its new NEXIS solution product offerings, its enterprise customers were deferring renewals and purchases. On November 9, 2016, the Company announced that both its third quarter 2016 bookings and revenues were much lower than it led investors to expect, citing "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." When this information was released to the public, shares of Avid declined in value, causing investors harm.
If you wish to learn more about this lawsuit, at no charge to you, or if you have questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or by e-mail at [email protected].
This press release may constitute Attorney Advertising in some jurisdictions.
Contact:
Khang & Khang LLP
Joon M. Khang, Esq.
Telephone: 949-419-3834
Facsimile: 949-225-4474
[email protected]
SOURCE: Khang & Khang LLP
