Archive | May 26, 2013

Avid Woes Continue – Errors in Financial Statements & 2nd Letter from Nasdaq

26 May

Avid continues to report financial problems, the latest being that the company has acknowledged accounting errors leading to revised consolidated financial statements. In addition Avid is still not in compliance with Nasdaq continued listing requirements and expects to receive a second letter from Nasdaq regarding the company’s listing. This follows several previously announced financial issues including the potential delisting from Nasdaq (Avid Gets More Bad News) , the postponement of Q3 earnings release (Avid Postpones Q3 Earnings Release), and the replacement of Gary Greenfield as CEO (Avid Switches CEO’s on Heels of Declining Revenue Trend) and just recently as a Board Director (Avid Ex CEO Now Resigns As Director) and the replacement of CFO Ken Sexton (Avid Replace CFO Amid Financial Troubles)