SAN FRANCISCO, Aug. 25, 2017 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Electronics For Imaging, Inc. (NASDAQ:EFII) of the October 10, 2017 Lead Plaintiff deadline in the pending securities class action.
If you purchased or otherwise acquired securities of EFII between February 22, 2017 and August 3, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/EFII
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing EFII@hbsslaw.com.
On August 3, 2017, EFII announced in a press release filed with the U.S. Securities and Exchange Commission that it postponed the conference call at which it anticipated discussing second quarter 2017 preliminary results.
The Company explained that the delay is “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 it expects to report a material weakness 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.
On August 10, 2017, the Company filed its Form NT-10-Q with the SEC explaining it would not timely file its quarterly report for the period ended June 30, 2017 for the reasons announced on August 3, 2017.
On August 24, 2017, EFII filed its Form 8-K announcing it received a notification letter from Nasdaq stating the Company is not in compliance with the rule requiring timely filing of reports with the SEC.
“We’re focused on the magnitude of management’s apparent improper revenue recognition and the damage the conduct inflicted on investors,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding EFII should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email EFII@hbsslaw.com.
About Hagens Berman
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