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On October 13, 2016, GlassHouse Research published a report on EFI, alleging, among other things, that the Company has used "every accounting gimmick in the book" to tweak its earnings numbers; that "[p]ersistent material exclusions of intangible amortization expenses, stock-based compensation, restructuring/other and acquisition-related costs obfuscate EFI's sustainable earnings"; that the Company's balance sheet is "littered" with accounting irregularities; that management intentionally misclassified long-term receivables as "other assets" and excluded them from its days sales outstanding calculation; and that EFI's current projections and price targets are out of line with reality due to the Company's accounting practices.
On this news, EFI stock fell $3.54, or 7.6%, to close at $43.06 on October 13, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-electronics-for-imaging-inc--efii-300345143.html
SOURCE Pomerantz LLP