The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Testing, Inc. (NASDAQ: TEST) who purchased shares between February 20, 2018 and February 21, 2018. The action, which was filed in the United States District Court for the District of Testing Area, alleges that the Company violated federal securities laws.
In particular, the TEST lawsuit alleges that (1) the Company was improperly recognizing revenue; (2) the Company’s disclosure controls and procedures were not effective; (3) the Company’s internal control over financial reporting were not effective; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times. On August 3, 2017, the Company announced that it would postpone its conference call to discuss second quarter 2017 preliminary results “in order to enable the Company to complete an assessment of the timing of recognition of revenue.” Electronics for Imaging is also assessing the effectiveness of its “current and historical disclosure controls and internal control over financial reporting.”
Shareholders have until February 22, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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