Why Electronics for Imaging, Inc. Stock Popped Today
Shares of Electronics for Imaging Inc. (NASDAQ: EFII) were up 15.3% as of 11:20 a.m. EDT Wednesday after the digital printing technology company announced an update on its ongoing business assessment and third-quarter guidance.
EFI shares plunged over 40% early last month after the company postponed its second-quarter call in order to "complete an assessment on the timing of recognition of revenue." The company further noted that its disclosure controls "were not effective" in previous periods.
For perpsective, shares still trade nearly 20% below last month's highs. But today Electronics for Imaging announced that it "does not currently expect to report any material error that would require a restatement of any of its previously reported financial results for any period." (Note that its review is not yet complete.)
Source: Fool.com
