NEW YORK--(BUSINESS WIRE)--Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, announces that a securities class action has been filed against Electronics For Imaging, Inc. (“EFII” or the “Company”) (NASDAQ:EFII) and certain of its officers. If you purchased EFII stock between February 22, 2017 through August 3, 2017, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information.
Electronics For Imaging is engaged in digital printing, focused on the transformation of industries from the use of traditional analog-based printing to digital on-demand printing.
The lawsuit alleges that EFII misled investors because: (1) EFII was improperly recognizing revenue; (2) EFII’s disclosure controls and procedures were not effective; (3) EFII’s internal controls over financial reporting were not effective; and (4) as a result, EFII’s public statements were materially false and misleading.
On August 3, 2017, EFII announced in a press release filed with the U.S. Securities and Exchange Commission that it postponed a conference call during which it had planned to discuss second quarter 2017 preliminary results. The Company explained that the delay was “in order to enable the Company to complete an assessment of the timing of recognition of revenue…related to certain transactions where a customer signed a sales contract for one or more large format printers and was invoiced, and the printer(s) were stored at a third party in-transit warehouse prior to delivery to the end user.” EFII also stated that it expected to report material weaknesses in internal control over financial reporting and that disclosure controls were not effective in prior periods.
This news drove the price of EFII shares down $21.61, or approximately 45%, to close at $26.05 on August 4, 2017.
What You Can Do
If you purchased Electronics For Imaging stock between February 22, 2017 through August 3, 2017 and you wish to discuss this lawsuit, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org. The deadline to move for Lead Plaintiff is October 10, 2017.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.