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Electronics For Imaging, Inc. Summary: According to the Form 10-K for the fiscal year ended December 31, 2002, on August 30, 2001, the Federal Court dismissed the complaint filed in the United States District Court for the Northern District of California, leaving only the California Superior Court case on which the plaintiffs could proceed. On September 4, 2002 the defendant announced its decision to settle all pending claims in this action. The defendent incurred a one-time charge to after-tax net income in the third quarter of 2002 of $3.1 million or $0.06 per share, including legal fees and costs related to the settlement. On December 20, 2002, the court issued its final approval of the settlement.
According to a Press Release dated 12/16/97, the Complaint charges EFII and certain of its officers and directors with violations of securities laws for misrepresenting the status and strength of EFII's business operations and earnings growth. By concealing the true facts about, inter alia, the enormous build-up of unsold and excess inventory in the hands of EFII's Japanese OEM customers which represented approximately half of the Company's quarterly revenue and the delay in development and customer acceptance of its new products and technology, defendants artificially inflated EFII's stock price to as high as $56.50 a share during the Class Period, allowing EFII's top insiders to sell more than $11 million of their EFII stock at prices as high as $55 per share.
INDUSTRY CLASSIFICATION:
SIC Code: 3571
Sector: Technology
Industry: Computer Hardware
| COMPANY/ISSUER NAME: | Electronics For Imaging, Inc. |
| COMPANY/ISSUER TICKER: | EFII |
| COMPANY WEBSITE: | http://www.efi.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Smith v. Electronics for Imaging, Inc. | |||||||||||||||||
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| REFERENCE COMPLAINT | |||||||||||||||||
| In re Electronics For Imaging, Inc. Securities Litigation | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 09/26/2001 | ||
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