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Technology Stocks : EFII - Electronics for Imaging -- Ignore unavailable to you. Want to Upgrade?

To: Arthur who wrote (540)	12/16/1997 2:24:00 PM
From: DRL	Read Replies (1) \| Respond to of 1460

You knew it was coming... Shareholders File Suit Against Electronics For Imaging (EFII) and Certain Officers and Directors Alleging Misrepresentations and Insider Trading PR Newswire - December 16, 1997 14:21 EFII %CPR V%PRN P%PRN PHILADELPHIA, Dec. 16 /PRNewswire/ -- Counsel for Class Plaintiffs, Barrack, Rodos & Bacine, today issued the following: A class action has been commenced in the California courts on behalf of purchasers of Electronics For Imaging, Inc. ("EFII" or "Company") (Nasdaq: EFII) common stock during the period April 10, 1997 through December 11, 1997 (the "Class Period"). 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. On December 11, 1997, EFII disclosed that its revenues for the fourth quarter of 1997 would decline by more than 40% from the third quarter and that its earnings were expected to decline by more than 85% from the third quarter. The Company also announced that there was an enormous build-up in its inventory among Japanese OEM customers; there was a delay in new products; the company had lost market share; and its margins were declining. In response to these announcements, EFII's stock collapsed 60% in one day and is now trading at approximately $14, almost 75% lower than when the insiders sold their shares. Plaintiffs seek to recover damages on behalf of all purchasers of EFII stock during the Class Period (the "Class"). They are represented by several law firms, including Barrack, Rodos & Bacine, which has extensive experience in prosecuting investor class actions involving financial fraud. Barrack, Rodos & Bacine has prosecuted securities, antitrust and consumer class actions for over 20 years. The Firm has offices in Philadelphia, San Diego, New York, Boston and New Jersey and has been designated lead counsel by federal and state courts across the country in large, complex cases. One Court has described the firm as "recognized nationally to be a leading and skillful practitioner in the field of complex class actions." For more information about Barrack, Rodos & Bacine, please visit their website at WWW.BARRACK.COM. If you wish to discuss this action or have any questions concerning this case or your rights or interests, please contact the Shareholder Relations Manager at Barrack, Rodos & Bacine, 3300 Two Commerce Square, 2001 Market Street, Philadelphia, PA 19103, at 800-417-7305 or 215-963-0600, fax number 888-417-7306 or 215-963-0838 or by e-mail at BARRACK@ix.netcom.com. SOURCE Barrack, Rodos & Bacine /CONTACT: Counsel for Class Plaintiffs, Barrack, Rodos & Bacine, Shareholder Relations Manager, 800-417-7305 or 215-963-0600, or fax, 888-417-7306 or 215-963-0838, or e-mail, BARRACK@ix.netcom.com/ /Web site: barrack.com (EFII)