BURLINGTON, Mass.--(BUSINESS WIRE)--
Avid Technology, Inc. (NASDAQ:AVID) today announced that on August 14,
2013 it received an anticipated additional notification from the staff
of the NASDAQ Listing Qualifications Department (the "Staff") of Avid's
continued noncompliance with NASDAQ Listing Rule 5250(c)(1) due to
Avid's delay in filing its Form 10-Q for the quarter ended June 30,
2013. The notification, which was superseded by a notification dated
August 15, 2013 to correct a typographical error, was issued in
accordance with NASDAQ procedure, which provides that failure to comply
with the rule could serve as a basis for the delisting of Avid's stock
from the NASDAQ Global Select Market.
The NASDAQ notification requires Avid to submit an update to its
original plan to regain compliance with NASDAQ's filing requirements for
continued listing by August 21, 2013. Avid intends to submit such an
update to its original plan by the required date. If the Staff does not
accept Avid's plan, Avid will have the opportunity to appeal that
decision to a NASDAQ Hearings Panel. If the Staff accepts the Company's
plan, the Staff could grant the Company until September 16, 2013, to
regain compliance. The NASDAQ notice has no immediate effect on the
listing of Avid's common stock on the NASDAQ Global Select Market.
As previously announced, the Company's annual report on Form 10-K for
the year ended December 31, 2012 and quarterly reports on Form 10-Q for
the quarters ended March 31, 2013 and June 30, 2013, could not be filed
timely because the Company's ongoing accounting evaluation and the
restatement of the Company's financial statements for the fiscal years
ended December 31, 2011, 2010 and 2009 and for the quarterly periods
ended March 31, 2012 and 2011, June 30, 2012 and 2011, and September 30,
2012 and 2011. The Company is working diligently to complete the
accounting evaluation, the restatements and the filings as soon as
possible.
During this evaluation, Avid plans to continue to invest in its product
innovation and execute on its growth strategy. Avid believes it is well
positioned to support its customers' ongoing success.
Cautionary Note Regarding Forward-Looking Statements.
The information provided in this notice includes forward-looking
statements that involve risks and uncertainties, including statements
about Avid's anticipated plans, objectives, expectations and intentions.
Such statements include, without limitation, statements regarding the
additional time that may be granted for Avid to regain compliance with
the NASDAQ rules; Avid's ability to regain compliance with NASDAQ's
rules; Avid's innovation and growth strategy; the ongoing evaluation of
Avid's current and historical accounting practices and the outcome and
timing of such evaluation; the scope of the ongoing evaluation; and the
timing of the filing of restated financial statements and prior and
future periodic reports. These forward-looking statements are based on
current expectations as of the date of this filing and subject to known
and unknown risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by such statements,
including but not limited to: the impact of restatement of financial
statements for prior periods; the impact of delays in Avid's completion
of its financial statements and the filing of its periodic reports; the
impact of the previously disclosed ongoing SEC and Department of Justice
inquiries; the impact of the ongoing evaluation and these inquiries on
Avid's financial results and financial statements for the quarter ended
June 30, 2013 and prior and future periods, including the costs
associated with the evaluation and inquiries; Avid's ability to regain
compliance with NASDAQ's continued listing requirements; the identified
material weakness in Avid's internal controls; recent changes in Avid's
management; Avid's ability to execute its strategic plan and meet
customer needs; its ability to produce innovative products in response
to changing market demand, particularly in the media industry; risks
related to litigation; competitive factors; history of losses;
fluctuations in its revenue, based on, among other things, Avid's
performance in particular geographies or markets, fluctuations in
foreign currency exchange rates and seasonal factors; adverse changes in
economic conditions; and Avid's liquidity. Moreover, the business may be
adversely affected by future legislative, regulatory or tax changes as
well as other economic, business and/or competitive factors. The risks
included above are not exhaustive. Other factors that could adversely
affect Avid's business and prospects are described in the filings made
by the Company with the SEC.
Avid expressly disclaims any obligation or undertaking to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise.
About Avid
Avid creates the digital audio and video technology used to make the
most listened to, most watched and most loved media in the world - from
the most prestigious and award-winning feature films, music recordings,
television shows, to live concert tours and news broadcasts. Some of
Avid's most influential and pioneering solutions include Media
Composer®, Pro Tools®, Interplay®, ISIS®, VENUE, Sibelius®, and System
5. For more information about Avid solutions and services, visit www.avid.com,
connect with Avid on Facebook, Twitter, YouTube, LinkedIn, Google+; or
subscribe to Avid Blogs.
© 2013 Avid Technology, Inc. All rights reserved. Avid, the Avid
logo, Media Composer, Pro Tools, Interplay, ISIS, and Sibelius are
trademarks or registered trademarks of Avid Technology, Inc. or its
subsidiaries in the United States and/or other countries. The Interplay
name is used with the permission of the Interplay Entertainment Corp.
which bears no responsibility for Avid products. All other trademarks
are the property of their respective owners.
Avid
Media Contact
Lisa Kilborn, 978-640-3230
lisa.kilborn@avid.com
or
Investor
Contact
Tom Fitzsimmons, 978-640-3346
tom.fitzsimmons@avid.com
Source: Avid Technology, Inc.
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