Arons & Arons, LLC Announces the Filing of a Securities Class Action Against Electronics For Imaging, Inc. - Encourages Inves...
August 11 2017 - 12:18PM
Business Wire
The Law Firm of Arons & Arons, LLC hereby notifies investors
of Electronics for Imaging, Inc. (NASDAQ: EFII) (“Electronics For
Imaging”) that a class action lawsuit has been filed on behalf of
those who purchased or otherwise acquired shares of between
February 22, 2017 and August 3, 2017 inclusive (the “Class
Period”).
Electronic For Imaging investors may receive additional
information by visiting https://www.aronslaw.net/efii
and contacting Arons & Arons, LLC (Jeffrey S. Arons, Esq.)
at (973) 762-0795 or (877) 512-7667, or by email at
info@aronslaw.net.
According to the complaint filed on August 10, 2017, the
defendants made false/misleading statements and failed to disclose
that: (1) the company was improperly recognizing revenue; (2) the
Company’s disclosure controls and procedures were not effective;
(3) the Company’s internal control over financial reporting were
not effective; and (4) as a result, the Company’s public statements
were materially false and misleading at all relevant times.
On August 2nd, 2017 Electronics for Imaging notified investors
that it was postponing a conference call to discuss second quarter
2017 preliminary results. The Company delayed the call to provide
time for a complete assessment of the timing of recognition of
revenue. Additionally, in a statement issued on Thursday, the
Company stated that it would delay the release of second-quarter
results as it was conducting an internal review of its accounting
practices. “EFI expects to report a material weakness in internal
control over financial reporting related to this matter.” EFI also
expects to report that EFI’s disclosure controls were not effective
in prior periods. The Audit Committee of EFI’s Board of Directors
is conducting an independent review related to the matter.
Following these reports, shares of the Company’s stock declined 29%
in premarket trade on Friday.
If you are a member of the class described above, you may no
later than October 10th, 2017 move to serve as lead
plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf
of other class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
member’s claim is typical of the claims of other class members, and
that the class member will adequately represent the class. Any
member of the class may move to the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do
nothing and remain an inactive class member. No class has yet been
certified in the above action. Arons & Arons, LLC has not filed
a complaint in this matter.
If you are an investor in Electronic Imaging you are encouraged
to contact Arons & Arons, LLC (Jeffrey Arons, Esq.) at (973)
762-0795 or (877) 512-7667, or via email at info@aronslaw.net for a
free, no obligation, consultation regarding your legal rights. For
expedited service, please click https://www.aronslaw.net/efii to
provide your investment information. All information received is
entirely confidential.
Arons & Arons, LLC is a family oriented law firm that
provides representation for investors who have been victimized by
securities fraud. Our attorneys understand the financial and
emotional trauma that securities fraud can cause, and we are
relentless in our efforts to hold corporate wrongdoers accountable
and obtain compensation for our clients. For over 30 years our
attorneys have provided personal, accessible, and effective legal
representation for our clients.
This press release may be considered Attorney Advertising in
some jurisdictions under applicable laws and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20170811005458/en/
Arons & Arons, LLCJeffrey S. Arons,
Esq.973-762-0795877-512-7667info@aronslaw.net
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