EFI Settles Litigation, Invests in Ink-jet Company
FOSTER CITY, CA—EFI says it has reached a settlement, subject to court approval, of all litigation relating to its historic stock option granting practices. Among other things, the settlement provides for the payment by EFI of approximately $3.08 million in plaintiffs’ attorneys’ fees and costs, as well as the adoption of remedial measures, including the cancellation and repricing of certain stock options and the adoption of changes to its corporate governance and procedures. The agreement reportedly doesn’t contain any admission of fault or wrongdoing on the part of EFI or the individual defendants.
In other company news, EFI has completed a strategic investment in Jettable, an ink-jet technology company based in Netanya, Israel, that specializes in digital printing on ceramic substrates. EFI will provide equity capital toward the development of a high-speed, single-pass ink-jet production printer for ceramic tiles.