SAN DIEGO, Aug. 25, 2017 /PRNewswire/ -- Shareholder Rights Law Firm Johnson & Weaver, LLP (J&W) is investigating potential violations of the federal securities laws by Ellie Mae Inc. (NYSE: ELLI) ("Ellie Mae" or the "Company") and certain of its officers. Ellie Mae provides computer software and services to the U.S. residential mortgage industry.
On July 27, 2017, Ellie Mae reported its second quarter 2017 financial results for the period ended June 30, 2017. Revenue came in at $104.1 million, well below guidance. Additionally, Ellie Mae slashed its FY17 sales forecast and disclosed that FY17 adjusted income would come in almost 40% lower than the range that Ellie Mae had previously provided. Following the news, Ellie Mae common stock plummeted.
Specifically, Johnson & Weaver's investigation seeks to determine if a securities violation was committed by the Company when it made specific representations about the company's business, operations, and financial prospects.
If you have information that could assist in this investigation, including former employees and others, or if you are an Ellie Mae shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker ([email protected]) by email or by phone at 619-814-4471. If you email, please include your phone number.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
SOURCE Johnson & Weaver, LLP