9 August 2017
EFI shares plummet on accounting problems
CALIFORNIA—
 
 EFI the manufacturers of Vutek wide format,Fiery rips, Jetrion label presses and Printsmith software has delayed it's second quarter results. The companies shares fell by over 45% last week. EFI has said there appears to be a problem in how large-format sales were reported and a weakness in internal controls. EFI's audit committee has started an independent review of the matter.
 
EFI recorded sales of over $990 million in 2016 missing its target of $1 billion. In late 2016 it had come under critizim from several investor groups and analyst. They  questioned aspects of EFI's financial reporting, it's audit board and how it reported revenue.EFI ( Electronics For Imaging) has made an number of acquisitions in the last several years. EFI's original claim to fame were the Fiery rips which are used by most of the major digital press manufactures ( Xerox, Canon, Ricoh,Konica Minolta)
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