Arons & Arons, LLC Announces the Filing of a Securities Class Action Against Electronics For Imaging, Inc. - Encourages Investors to Contact the Firm
Business Wire 11-Aug-2017 12:18 PM
SOUTH ORANGE, N.J.--(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, 2017inclusive (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 email@example.com .
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 Companys disclosure controls and procedures were not effective; (3) the Companys internal control over financial reporting were not effective; and (4) as a result, the Companys public statements were materially false and misleading at all relevant times.
On August 2nd, 2017Electronics 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 EFIs disclosure controls were not effective in prior periods. The Audit Committee of EFIs Board of Directors is conducting an independent review related to the matter. Following these reports, shares of the Companys stock declined 29% in premarket trade on Friday.
If you are a member of the class described above, you may no later than October 10 th, 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 members 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 firstname.lastname@example.org 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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Arons & Arons, LLC Jeffrey S. Arons, Esq.email@example.com
Source: Arons & Arons, LLC