New York law firm Newman Ferrara LLP and Washington-based Finkelstein Thompson LLP have both announced investigations on behalf of Avid shareholders into "potential violations of federal securities laws and breaches of fiduciary duty by Avid and certain of its officers and directors". Respected blog Pro Tools Expert alerted PSNEurope to the newswire announcements early this morning. The news comes just two days after Avid postponed the release of its Q4 and full year 2012 financial results in order “to provide 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”. Two weeks prior, the troubled technology company named Louis Hernandez as its new CEO and president, replacing Gary Greenfield. www.avid.com
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.