Avid "unlikely to regain compliance" with listing requirements by deadline, appoints Deloitte

Avid Technology (AVID -10.7%) shares slide after the company announces that it is "unlikely to regain compliance with its SEC filing requirements for continued listing of its common stock on the NASDAQ Stock Market by the previously reported March 14, 2014 deadline set by the NASDAQ Listing Qualifications Panel."

The company also appoints Deloitte & Touche as its new auditor, succeeding Ernst & Young, and is in the process of restating its financial statements for FY 2011, 2010, and 2009 as well as for the 2012 and 2011 quarters. The restatements relate to certain software upgrades which were available to customers at no charge but should have been accounted for as implied post-contract customer support under GAAP.

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