September 1, 2017 (Shareholders Foundation) - An investigation on behalf of investors of Ellie Mae Inc (NYSE:ELLI) shares over potential securities laws violations by Ellie Mae Inc and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Ellie Mae Inc (NYSE:ELLI) concerning whether a series of statements by Ellie Mae Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Pleasanton, CA based Ellie Mae, Inc. is a provider of on-demand software solutions and services for the residential mortgage industry in the United States. Ellie Mae Inc reported that its annual Total Revenue rose from $253.94 million in 2015 to $360.29 million in 2016 and that its Net Income increased from $22.26 million in 2015 to $37.78 million in 2016.

Shares of Ellie Mae Inc (NYSE:ELLI) grew from $80.20 per share in late 2016 to as high as $113.99 per share on July 25, 2017.

On July 27, 2017, Ellie Mae, Inc reported its second quarter 2017 financial results for the period ended June 30, 2017. Ellie Mae, Inc reported that its revenue came in at $104.1 million, well below guidance. Additionally, Ellie Mae, Inc lowered its FY17 sales forecast and disclosed that FY17 adjusted income would come in almost 40% lower than the range that Ellie Mae Inc had previously provided.

Shares of Ellie Mae Inc (NYSE:ELLI) declined to as low as $79.80 per share on August 21, 2017.

On September 1, 2017, NYSE:ELLI shares closed at $85.80 per share.