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WSJ: Avid Technology to Restate Results Amid Ongoing Review

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Craig Seeman
WSJ: Avid Technology to Restate Results Amid Ongoing Review
on May 22, 2013 at 11:18:29 pm

Avid Technology to Restate Results Amid Ongoing Review
http://online.wsj.com/article/BT-CO-20130521-714388.html?mod=googlenews_wsj
Key comments
The digital audio and video technology firm said that a review found that no-charge software updates should have been accounted for as post-contract customer support revenue.
...
financial statements for the first three quarters of 2011 and 2012, and the full-year results for 2009 through 2011 contain errors.
...
Avid's management has concluded that the company's controls over financial reporting were not effective, as of March 2013.



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