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AVID Inc. Under Financial Investigation
Shareprice down, website back online 27/02/13
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Breaking news this morning, already spotted by the excellent Pro-tools-expert.com - Avid appear to be under scrutiny by multiple high powered law firms amid allegations of:
"potential violations of federal securities laws and breaches of fiduciary duty by Avid and certain of its officers and directors."
Additionally in the Yahoo Finance report of investigations by law firm Newman Ferrara readers are encouraged to contact the firm:
"Whistleblowers: Persons with knowledge that may aid in the investigation of this matter are encouraged to contact the firm. Under the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected from employer retaliation and may be entitled to as much as 30 percent of the recovery if the information provided leads to a successful action."
No more details are available at this time and the Avid website appears to be offline (now back online) - though this may be purely due to the high volume of traffic as people flock to see whats up.
Over recent years Avid has undergone major restructuring, with cutting of both employees and selling off various assets to focus on the pro market with Pro Tools, live sound and video editing systems. Indeed recently M-Audio was purchased by InMusic - joining Akai, Numark and Alesis.
It is not clear what the ramifications of this action are likely to be, though of course this is an investigation, no impropriety has been proven. But earlier this month CEO Gary Greenfieldstepped down and was replaced by Louis Hernandez. Though no doubt people with significant investment in ProTools systems will be feeling a little uncertain about the future of their platform.