SAN FRANCISCO, Nov. 03, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Electronics for Imaging, Inc. of its investigation into possible accounting fraud and securities law violations.
If you purchased or otherwise acquired securities of Electronics for Imaging, Inc. before October 13, 2016 and suffered over $50,000 in 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 October 13, 2016, GlassHouse Research published a forensic analysis of EFII that concluded the Company has engaged in accounting practices that may violate Generally Accepted Accounting Principles (“GAAP”).
More specifically, GlassHouse’s report concludes that Electronics for Imaging has engaged in improper “channel stuffing,” misclassification of long-term receivables, and underfunding of warranties. This news drove the price of EFII shares down 7.6% to close at $43.06 on October 13, 2016. The price remains depressed.
If true, all of these accounting irregularities potentially violated the securities laws and damaged investors.
“GlassHouse has raised fairly straightforward questions about EFII’s accounting that we are continuing to investigate,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Electronics for Imaging 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.
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