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Serious Legal Stuff Happening at Avid
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Looks like to date there are at least 5 different law firms jumping on the “investigate Avid” bandwagon. Financial ambulance chasers.
– Oliver
Oliver Peters Post Production Services, LLC
Orlando, FL
http://www.oliverpeters.com -
Yes, I’m finding the others.
At the moment it’s just a PR issue unless somebody comes forward.I do think the “indefinite” postponement is a concern. It sounds live a very deep internal investigation.
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[Craig Seeman] “I do think the “indefinite” postponement is a concern. It sounds live a very deep internal investigation.
“No question. Though considering they went through a major management reshuffle a few weeks ago, it could also mean that the Hernandez and Billings are trying to clean things up properly. I’m guessing that anytime a company puts off its earnings report, sharks hit the water “representing” shareholders. Here’s Avid’s response:
“We recognize there are questions about the delay of our Q4 and full year 2012 earnings announcement. We want to assure our customers, employees, business partners, and investors that this delay is due to a technical accounting evaluation, as stated in our press release. We continue to invest in product innovation and execute on our growth strategy, and have significant cash and liquidity, and no debt. We are well-positioned to support our customers’ ongoing success.
“In situations where companies have announced a delay in reporting earnings results, it is not unusual to see activity like this from certain law firms. However, according to our policy, we don’t comment on this type of activity.”
– See more at: https://www.sonicscoop.com/2013/02/28/avid-under-investigation-by-us-law-firms-on-behalf-of-avid-shareholders/#sthash.oGdu1Hug.dpuf
I know that you want to stuff them and mount them in your living room, but I’m willing to wait.
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It’s good they’ve finally responded.
I can’t help but think they’re doing this because they’re in a potential legal hot spot (before the law firms reared their teeth) and financial as well. That they postponed the call so close to the call date. That the CEO was changed just a couple of weeks before. That the accounting review might have more than minor impact on the earnings report. All the above means that they are reacting to serious problems rather than proactively trying create a new business model.
At the very best it seems they have a big mess to clean up before they even begin to look at their business model.
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[Craig Seeman] “t’s good they’ve finally responded.”
You are so funny, man. They didn’t “finally” respond. They responded almost immediately.
[Craig Seeman] “I can’t help but think they’re doing this because they’re in a potential legal hot spot (before the law firms reared their teeth) and financial as well. That they postponed the call so close to the call date. That the CEO was changed just a couple of weeks before. “
You “can’t help but think” that because you hate the company so much. Its a passion with you. What you are saying may well be true, but it may not. We’ll have to wait and see.
[Craig Seeman] “That the accounting review might have more than minor impact on the earnings report. All the above means that they are reacting to serious problems rather than proactively trying create a new business model. “
Clearly they are having problems. That’s obvious. Putting off reporting shows that something is amiss. How deadly serious it is, or what it means to people using the software is something that none of us can determine at this point.
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[Chris Harlan] “You “can’t help but think” that because you hate the company so much. Its a passion with you.”
You mean like some people and Apple… but that’s OK?
[Chris Harlan] “what it means to people using the software is something that none of us can determine at this point.”
Unlike the predetermined conclusions the naysayers have about Apple?
Avid’s problems have been longer standing than Apple’s going back to pricing and service issues at the turn of the century to the more than a half a decade of losses up to the present. Apple is at least aggressively updating FCPX as the bring in new features (even if some simply don’t like the paradigm) and they’ve been doing well their computers except for the MacPro which they announced will be addressed (although some may or may not like their solution).
One can make changes at least to attempt to handle issues… or not. Right now Avid falls into the “or not” category for me. In some respects they remind me of Commodore although that’s a very loose comparison.
Avid has lots of rock solid tools and a management that has had problems for over a decade and apparently unhappy employees as well. The last few weeks seem to indicate another in a series of “last minute” changes to avert yet another series of problems. It’s like the GPS that first announces “turn left” when you’re already 10 feet into the intersection. -
[Craig Seeman] “It’s like the GPS that first announces “turn left” when you’re already 10 feet into the intersection.”
You mean like Apple’s Map AP for the iPhone.
Just having some fun with your metaphor Craig. I have no problem with your schadenfreude at Avid’s expense.
Herb Sevush
Zebra Productions
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nothin’ attached to nothin’
“Deciding the spine is the process of editing” F. Bieberkopf -
[Craig Seeman] “[Chris Harlan] “You “can’t help but think” that because you hate the company so much. Its a passion with you.”
You mean like some people and Apple… but that’s OK?
“No. Its about the same.
[Craig Seeman] “[Chris Harlan] “what it means to people using the software is something that none of us can determine at this point.”
Unlike the predetermined conclusions the naysayers have about Apple?
“Again, about the same.
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[Herb Sevush] “You mean like Apple’s Map AP for the iPhone.”
Good example but they are supposedly working on that fix.
Apple has had their share of blunders. They usually attempt to fix them though… even if they don’t always succeed. For me it’s the ongoing .mac to .me to .icloud. Also the lack of quality H.264 encoding (no high profile nor CABAC from a company that says file delivery is the answer)
The problem I have with Avid for me is that I see a steady downward decline for what seems like over a decade. Sure there have been changes that some might see as improvements (customer service and MC/S pricing) but I wonder how that can be sustained when they’ve been losing money for years.
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[Chris Harlan] “No. Its about the same.”
[Chris Harlan] “Again, about the same.”
Glad that I’m providing so much balance to the forum 😉
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