Quote:
Originally Posted by Carl Kolchak
You're reading way too much in to this.
This is all a formality, and the expected outcome of Avid not filing it's previous financial statements on time (which Avid had stated well ahead of time it would be electing to do).
There was clearly some poor accounting under the previous management, and as this was identified in the run up to those statements being filed, there was a change of management, and they began the process of going through their own accounts with a fine toothed comb.
They announced that getting their house in order would mean that they missed the SEC filing deadline.
Getting de-listed was inevitably going to be the outcome, but that is far less of a problem for a company than knowingly filing inaccurate statements - you go to jail for fraud, you get a golden handshake if there is a change of management (which would you go for).
Avid will file full, accurate statements, and then they will get re-listed.
And then it will be business as usual...
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Carl is dead on with his assessment...it's really not a big deal under the circumstances...
Sure, it would be better if Avid had not been delisted, but keep in mind that they're sitting on a pretty nice pile of cash, so it's hardly the end of the world.
Personally, I wish I had a few spare bucks so I could grab some Avid stock at bargain basement prices...