Avid delisted on NASDAQ

[ronwasserman]

I do hope they are bought out by a corporation better suited to managing an audio company.

This could be good for all of us in the long run.

BURLINGTON, Mass., Feb. 24, 2014 (GLOBE NEWSWIRE) -- Avid® (Nasdaq:AVID) announced that as expected, it received a notification letter from NASDAQ on February 21, 2014 indicating that the NASDAQ Listing Qualifications Hearings Panel had determined to delist the shares of the Company from The NASDAQ Stock Market and, accordingly, suspend trading in the Company's shares effective at the open of business on Tuesday, February 25, 2014.

Following the suspension of trading of the Company's common stock on NASDAQ, the Company's common shares will begin trading on the OTC Markets - OTC Pink Tier under the trading symbol AVID. For quotes or additional information on OTC Markets and the OTC Pink Tier, please visit http://www.otcmarkets.com

The Company intends to complete the restatement and regain compliance with its SEC filing requirements as soon as practicable. The Company is targeting mid-2014 for completion of the restatement. In connection with becoming current in its SEC filing requirements, the Company intends to apply for prompt relisting on the NASDAQ Stock Market as early as possible after regaining compliance with the listing requirements.

Forward-Looking Statements

The information provided in this press release 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 Company's current progress and timing objectives regarding completion of its accounting restatement and becoming current in its required filings with the SEC; the Company's future strategy and business plans; the Company's objective to obtain prompt relisting on the NASDAQ Stock Market and to have its shares of common stock trade on that market following completion of the restatement and compliance with applicable listing requirements. 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 following: the effect on the Company's sales, operations and financial performance resulting from: delays in Avid's completion of its financial statements and the filing of its periodic reports; the delisting of its stock from the NASDAQ stock market and the Company's ability to have its shares relisted on the NASDAQ stock market; the previously disclosed ongoing SEC and Department of Justice inquiries; pending litigation and possibility of further legal proceedings adverse to the Company resulting from the restatement or related matter; the costs associated with the restatement and the SEC and DOJ inquiries; the identified material weakness in Avid's internal controls; recent changes in Avid's management; recent changes in Avid's external accountants; 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; 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. These and 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

Through Avid Everywhere, Avid® delivers the industry's most open, innovative and comprehensive media platform connecting content creation with collaboration, asset protection, distribution and consumption for the most listened to, most watched and most loved media in the world-from the most prestigious and award-winning feature films, music recordings, and television shows, to live concerts and news broadcasts. Industry leading solutions include Pro Tools®, Media Composer®, ISIS®, Interplay®, and Sibelius®. 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.

© 2014 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.

[YYR123]

Really !!!!!

[Mike496]

The stock tanked $1.99 (28.76%) today.

[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...

[Bill Denton]

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...

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...

[Jay_uk]

Originally Posted by Bill Denton

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.

Well it would have been better if they had proffered timely accounts and apparently they sacked the recent auditors (more money wasted/lost)
The new auditors are costing Avid 20/30 percent of their assets..
Incredible...
Please dont say everything is going to turn out rosy, because its been downhill for the past 2 years.
Delisting is a sign of Chapter 11 bankruptcy
You need blind faith to believe in a company like Avid
Just being realistic here......not gambling on stock.

[Bill Denton]

Originally Posted by Jay_uk

Well it would have been better if they had proffered timely accounts and apparently they sacked the recent auditors (more money wasted/lost)
The new auditors are costing Avid 20/30 percent of their assets..
Incredible...
Please dont say everything is going to turn out rosy, because its been downhill for the past 2 years.
Delisting is a sign of Chapter 11 bankruptcy
You need blind faith to believe in a company like Avid
Just being realistic here......not gambling on stock.

No, Delisting is a sign that some paperwork was not filed in a timely fashion. That's what this whole thing is all about.

A while back, Avid became aware that there were problems with their books going back several years. Each year's "book" is built on previous years' "books", and since Avid had become aware that the previous books contained inaccurate data, they could not submit a report based on that data and claim under oath that the report contained correct data. Doing so could result in civil and/or criminal penalties against Avid and/or its executives.

Once again...it's really not a big deal...

[YYR123]

What. Do they do with all the Stock that's out there after it's removed from Nasdaq ?

[DonaldM]

Originally Posted by YYR123

What. Do they do with all the Stock that's out there after it's removed from Nasdaq ?

The stock remains as is. The delisting in this instance was due to Avid's not meeting certain filing requirements. Stock price has nothing to do with it. What it DOES mean for current stockholders is that it will be more difficult to effect trades. OTC "Pink Sheet" stock traders tend to widen the spreads between Bids and Asks. That makes selling more difficult. Also, you can't always get reliable volume figures, so you don't know how many shares on being traded. Low volumes can lower a price. Shareholders wanting to sell an OTC stock need to use limit orders...specifying a price below which they will not sell. A market order on the OTC is an open invitation for a "sudden" drop in price from the traders!

[SpinningDisk]

This is the time to buy, which I did along with the shares I already own😁👍