Avid Technology announces shareholder lawsuits.Technology, Inc. announced today that several shareholder class action complaints have been filed naming the Company and certain of its officers and directors as defendants. Certain of the complaints also name the managing underwriters of the Company's September 1995 public offering as defendants. Among the principal allegations contained in the complaints are the following: the defendants violated federal securities laws and state common law by making false and misleading statements that were not true when made and by failing to disclose material information that they were required to disclose, thereby causing the value of the Company's stock to be artificially inflated. The lawsuits were brought on behalf of all persons who bought the Company's stock at various times between the summer of 1995 and December 20, 1995 (the "class period"), including persons who bought the Company's stock pursuant to its September 21, 1995 public offering. The complaints seek unspecified damages for the decline of the value of the Company's stock during the class period, rescission The abrogation of a contract, effective from its inception, thereby restoring the parties to the positions they would have occupied if no contract had ever been formed. By Agreement and recovery of gains from the sale of Company stock by certain officers during the class period. Certain of the complaints were filed with the United States District Court for the District of Massachusetts The United States District Court for the District of Massachusetts is the Federal district court whose jurisdiction is the Commonwealth of Massachusetts. The first court session was held in Boston in 1789. on the day following the Company's December 20, 1995 announcement that it estimated that its revenues for the fourth quarter ending on December 31, 1995 will be at a level that is at or lower than its revenues for the third quarter of 1995, and that its expected profits for the fourth quarter will be lower than profits for the third quarter. The Company believes that it and the other defendants have meritorious defenses to the allegations made by the plaintiffs and intends to contest these lawsuits vigorously. -0- Avid Technology "Avid" redirects here. For the "Advancement Via Individual Determination" educational program, see AVID. Avid Technology, Inc NASDAQ: AVID is an American company specializing in video and audio production technology; specifically, digital non-linear media editing (NLE) , Inc., headquartered in Tewksbury, Mass., is an international developer and supplier of all-digital solutions for capturing, creating, editing and distributing digital media on multiple platforms Refers to two or more operating environments, which typically include the CPU family and operating system. For example, if versions of a program run on Windows and the Macintosh, the software is said to support multiple platforms. . Joined through mergers with Digidesign, Elastic Reality and Parallax Software Parallax Software was a game developer who created the Descent series. Parallax Software was started by Matt Toschlog and Mike Kulas. After the release of Descent II, the company was split in two to form Volition, Inc. , Avid's product line encompasses industry-leading nonlinear film, video and audio editing Audio editing is the process of taking recorded sound and changing it directly on the recording medium (analog) or in RAM (digital). Audio editing was a new technology that developed in the middle part of the 20th century with the advent of magnetic tape recording. , special effects special effects, in motion pictures, cinematographic techniques that create illusions in the audience's minds as well as the illusions created using these techniques. and image processing image processing Set of computational techniques for analyzing, enhancing, compressing, and reconstructing images. Its main components are importing, in which an image is captured through scanning or digital photography; analysis and manipulation of the image, accomplished software, as well as networking, server and storage technologies for applications such as television and film post production, broadcast news, desktop video, multimedia and music production. Avid is a registered trademark of Avid Technology, Inc. CONTACT: Avid Technology Inc. R. Scott Higgins, 508/640-6789 |
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