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Daniel McClintock
Poor Avid...
on Mar 27, 2013 at 10:45:22 pm

Now the lawsuits have begun...

http://money.msn.com/business-news/article.aspx?feed=MW&date=20130326&id=16...

http://money.msn.com/business-news/article.aspx?feed=BW&date=20130326&id=16...

Any guesses if the company will exist by the end of the year?

----------------------

"Sometimes Life Needs a Cmd-Z!"


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Shane Ross
Re: Poor Avid...
on Mar 27, 2013 at 11:07:19 pm

It will be here next year. And for years to come.

Shane
Little Frog Post
Read my blog, Little Frog in High Def


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TImothy Auld
Re: Poor Avid...
on Mar 27, 2013 at 11:10:10 pm

My guess would be yes.

Tim


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John Davidson
Re: Poor Avid...
on Mar 27, 2013 at 11:12:11 pm

From the article:
"Avid provides digital media content-creation products and solutions for audio, film, video, broadcast professionals, artists and creative enthusiasts in the Americas, the Asia-Pacific, Europe, the Middle East and Africa."

Does this mean FCPX dominates in Antarctica? 1/7th of the way to the whole world!

John Davidson | President / Creative Director | Magic Feather Inc.


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Craig Seeman
Re: Poor Avid...
on Mar 27, 2013 at 11:44:17 pm

The story I'm hearing is that given the possible issue with their updates and bug fixes accounting procedure, they may have misreported their revenue in March 2011 (and going forward). That would mean "people" may have been making decisions on the stock based on wrong information. Hence the pile on with the class action lawsuits. I suspect Avid stalled because, if there is an issue, the probably don't want to perpetuate it through another report.

The question is, if it turns out to be true, what the settlement will be. That may impact cash on hand going forward I'd suspect. These suits though seem more "exploratory" than anything else at this point since there's no "class" yet for the "class action" as the articles note.

In the mean time they need to get a plan in place an approved to maintain their listing (get the report in). I believe May 20 is the deadline for an approved plan.

It's not yet catastrophic but I wouldn't trivialize it either.



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Oliver Peters
Re: Poor Avid...
on Mar 28, 2013 at 12:37:47 am

Where have you been? ;-)

By now this is old news and started weeks ago. In fact, there are several threads on this and other forums about the same subject. FWIW - every company gets sued. Even Apple. These may or may not be legal fishing expeditions.

- Oliver

Oliver Peters Post Production Services, LLC
Orlando, FL
http://www.oliverpeters.com


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Craig Seeman
Re: Poor Avid...
on Mar 28, 2013 at 12:42:49 am

More lawyer sharks are jumping on though. Each time it's another round of press releases. The sharks actually haven't gotten their teeth into any meat yet though.

I have no doubt Apple will fix this before Avid goes under. ;-)



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Chris Kenny
Re: Poor Avid...
on Mar 28, 2013 at 2:52:28 am

[Daniel McClintock] "Any guesses if the company will exist by the end of the year?"

These kinds of shenanigans don't generally bring down companies unless it turns out that pretty much the whole basis of the company is fraudulent (i.e. Enron). There are no indications that anything like that is going on here. So while this isn't exactly good news, particularly with the other challenges Avid faces in terms of restructuring or growing its way to profitability, it probably won't amount to much in the end.

--
Digital Workflow/Colorist, Nice Dissolve.

You should follow me on Twitter here. Or read our blog.


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Michael Phillips
Re: Poor Avid...
on Mar 28, 2013 at 12:09:43 pm

And none can wonder whether it is a first calculated step in going private?


Michael


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