RADNOR, Pa., Aug. 11, 2017 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Electronics For Imaging, Inc. (Nasdaq: EFII) ("Electronics For Imaging" or the "Company") on behalf of purchasers of the Company's securities between February 22, 2017 and August 3, 2017, inclusive (the "Class Period").
Investors who purchased Electronics For Imaging securities during the Class Period may, no later than October 10, 2017, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit www.ktmc.com/new-cases/electronics-for-imaging-inc#join.
Electronics For Imaging shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at email@example.com.
Electronics For Imaging designs and markets products that support color and black-and-white printing on a variety of peripheral devices.
The shareholder class action complaint alleges that Electronics For Imaging and certain of its executive officers made a series of false and misleading statements and/or failed to disclose to investors that: (1) Electronics For Imaging was improperly recognizing revenue; (2) Electronics For Imaging's disclosure controls and procedures were not effective; (3) Electronics For Imaging's internal control over financial reporting were not effective; and (4) as a result, Electronics For Imaging's public statements were materially false and misleading at all relevant times.
On August 3, 2017, Electronics For Imaging announced that it was postponing a scheduled investor conference call "in order to enable the Company to complete an assessment of the timing of recognition of revenue." Additionally, the Company disclosed that it "expects to report a material weakness in internal control over financial reporting," and that its "disclosure controls were not effective in prior periods."
Following this news, shares of the Company's stock fell $21.61 per share, or over 45%, to close on August 4, 2017 at $26.05, on heavy trading volume.
Electronics For Imaging shareholders may, no later than October 10, 2017, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a 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 in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
SOURCE Kessler Topaz Meltzer & Check, LLP