i've been editing an audio file and I was randomly told by the program that I needed to save and restart due to playback issues. I had no other choice so I saved and restarted it. Now after opening it again my file has wave lengths but the spectral frequency display shows me nothing as well as the timer will run but the levels will not register.
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Looks as though Audition has a valid peak file for your audio, but the associated audio itself is missing. The peak file is only there to display a picture - it doesn't prove that there's an actual recorded waveform there at all.