SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the upcoming deadline to move for appointment as lead plaintiff in securities class litigation brought on behalf of investors who purchased or otherwise acquired the securities of Electronics for Imaging, Inc. (“EFII” or the “Company”) (NASDAQ: EFII) between February 22, 2017 and August 3, 2017, inclusive (the “Class Period”).
If you purchased or otherwise acquired the securities of EFII during the Class Period, you may move the Court for appointment as lead plaintiff by no later than October 10, 2017. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
EFII investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
EFII, based in Fremont, California, develops and sells digital printers and other products for manufacturing signage, packaging, textiles, ceramic tiles, and personalized documents worldwide.
The action alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) EFII engaged in improper revenue recognition practices; and (2) EFII failed to maintain adequate disclosure controls and internal control over financial reporting.
On August 3, 2017, EFII issued a press release announcing that it was assessing the timing of the recognition of revenue related to certain transactions in connection with a customer sales contract for one or more large format printers that was invoiced but not delivered to the end user. In addition, EFII revealed that it expects to report a material weakness in its internal control over financial reporting and that the Audit Committee of its Board of Directors is also reviewing the matter. As a result, EFII postponed a conference call to discuss its preliminary second quarter of 2017 financial results and warned that it may not be able to file its Form 10-Q for that quarter on a timely basis. Following this news, the price of EFII common stock fell $21.61 per share, or 45%, from its closing price of $47.66 on August 3, 2017 to close at $26.05 on August 4, 2017, on significantly elevated trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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