San Diego, CA -- (SBWIRE) -- 07/23/2013 -- An investigation on behalf of investors who purchased shares of Avid Technology, Inc. (NASDAQ:AVID) in 2011 or earlier and currently hold any of those NASDAQ:AVID shares, is ongoing concerning whether certain Avid Technology directors and officers breached their fiduciary duties in connection certain statements made between April 22, 2011 and February 22, 2013.

Investors who are current long term stockholders in Avid Technology, Inc. (NASDAQ:AVID) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain officers and directors of Avid Technology, Inc. breached their fiduciary duties and caused damage to the company and its shareholders by, among other things, failing to implement adequate internal controls.

Avid Technology, Inc. currently faces a lawsuit filed in U.S. District Court for the District Of Massachusetts over alleged securities laws violations. More specifically, the plaintiff claims that the defendants allegedly made false and/or misleading statements and/or failed to disclose that Avid Technology, Inc. allegedly incorrectly accounted for its Software Updates by failing to properly treat the Software Updates as post-contract customer support under U.S. Generally Accepted Accounting Principles, that Avid Technology, Inc. allegedly lacked adequate internal and financial controls, and that Avid Technology, Inc. allegedly as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.

On February 25, 2013, Avid Technology, Inc. announced that it is postponing its fourth quarter 2012 earnings release and investor conference call, previously scheduled for Tuesday, February 26, 2013 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.

On March 21, 2013, Avid Technology, Inc. announced that it had received a notification letter from NASDAQ as it was no longer in compliance due to the delay in filing its annual report.

Shares of Avid Technology, Inc. declined from $7.66 per share on Feb. 22, 2013 to as low as $5.77 per share on July 2, 2013.

On July 22, 2013, NASDAQ:AVID shares closed at $6.13 per share.

Those who are current long term investors in Avid Technology, Inc. (NASDAQ:AVID) shares, have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com