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Avid issues further statement, third investigation launched

Avid has issued a further statement regarding its announcement that the release of Q4 and full year 2012 financial results would be postponed as a third law firm initiates an investigation on behalf of shareholders.

Avid has issued a further statement today regarding the company’s delay in announcing its Q4 and full year 2012 earnings: We recognize there are questions about the delay of our Q4 and full year 2012 earnings announcement. We want to assure our customers, employees, business partners, and investors that this delay is due to a technical accounting evaluation, as stated in our press release. We continue to invest in product innovation and execute on our growth strategy, and have significant cash and liquidity, and no debt. We are well-positioned to support our customers’ ongoing success. “In situations where companies have announced a delay in reporting earnings results, it is not unusual to see activity like this from certain law firms. However, according to our policy, we don’t comment on this type of activity. Meanwhile, a third American law firm – Boston-based Block & Leviton LLP – has joined New York law firm Newman Ferrara LLP and Washington-based Finkelstein Thompson LLP in investigating “potential violations of federal securities laws and breaches of fiduciary duty by Avid and certain of its officers and directors”. The investigations were launched two days after the earnings delay was announced, and come two weeks after former CEO Gary Greenfield resigned. Avid board member Louis Hernandez has since been appointed as the company’s CEO.