ELECTRONICS FOR IMAGING INVESTOR ALERT: Hagens Berman Alerts Investors in Electronics for Imaging, Inc. of Investigation into Possible Accounting Fraud and Securities Law Violations
SAN FRANCISCO, Oct. 19, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Electronics for Imaging, Inc. to the firm’s investigation into possible accounting fraud and securities law violations.
If you purchased or otherwise acquired securities of Electronics for Imaging, Inc. before October 13, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/EFII
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing EFII@hbsslaw.com.
On October 13, 2016, GlassHouse Research published a forensic analysis of EFII that concluded the Company has engaged in accounting practices that may violate Generally Accepted Accounting Principles (“GAAP”).
More specifically, GlassHouse’s investigation states that the Company has engaged in improper “channel stuffing”, misclassification of long-term receivables, and underfunding of warranties. This news drove the price of EFII shares down nearly 7.6% to close at $43.06 on October 13, 2016. The price remains depressed.
If true, all of these accounting irregularities potentially violated the securities laws and damaged investors.
“GlassHouse has raised fairly straightforward questions about EFII’s accounting irregularities that we are continuing to investigate,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Electronics for Imaging should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email EFII@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact: Reed Kathrein, 510-725-3000
