NASDAQ today suspended trading of Avid, maker of Pro Tools, Sibelius, Media Composer and other pro audio/video tools.
Avid received notification from NASDAQ on February 21, 2014 that the NASDAQ Listing Qualifications Hearings Panel had determined to delist the shares of the Company from The NASDAQ Stock Market. NASDAQ suspended trading in the Company’s shares effective at the open of business today, February 25, 2014.
NASDAQ’s move was expected.
In March of 2013, NASDAQ warned Avid that the Company was no longer in compliance with NASDAQ rules, which require timely filing of periodic financial reports with the Securities and Exchange Commission (SEC).
Avid’s latest Annual Report and 10-K are for the year 2011. And Avid has stated that “its audited consolidated financial statements for the years ended December 31, 2011, 2010 and 2009 should no longer be relied upon,’ because of accounting errors.
In addition, Avid’s net income has decreased by 130.3% when compared to the same quarter one year ago, falling from -$7.55 million to -$17.39 million.
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.
The Company says that it ‘intends to complete the restatement and regain compliance with its SEC filing requirements as soon as practicable’.
