Monday, February 25, 2013

AVID down nearly 15% in Pre-Market

On a day that appears will be an ok one for the equity market overall, AVID is taking a big dump. While the S&P 500 futures is up 0.5%, AVID shares are sliding, down almost 15%. It could get worse as the Company announced it has to postpone its Q4 earnings announcement (originally scheduled to be released tomorrow after the close) to evaluate its current and historical accounting treatment related to bug fixes, upgrades and enhancements to certain products that it sold to some clients. It came across this during its normal review of Q4 and FY '12 financial results. Unfortunately, the Company does not yet know when it will finish such review and release its Q4 results.

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