An investigation on behalf of current long term investors in Velti Plc (NASDAQ:VELT) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:VELT stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 10/22/2013 -- An investigation was announced for investors who purchased shares of Velti Plc (NASDAQ:VELT) in June 2011 concerning potential breaches of fiduciary duties of certain directors and officers of Velti Plc was announced.
Investors who purchased their shares of Velti Plc (NASDAQ:VELT) in June or May 2011, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Velti Plc stocks follows a lawsuit filed recently against. Velti Plc . The investigation on behalf of investors who purchased their NASDAQ:VELT shares in June 2011 concerns whether certain Velti officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Northern District of California the plaintiff alleges that that Velti Plc violated the Securities Exchange Act of 1934. More specifically, the plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that Velti Plc was having difficulties collecting certain receivables, that certain of Velti Plc's receivables were uncollectible, that, as a result, Velti Plc's revenues and receivables were overstated between January 27, 2011 and August 20, 2013, that Velti Plc lacked adequate internal and financial controls, and that, as a result of the foregoing, Velti Plc's statements and reported financial results were materially false and misleading at all relevant times.
On August 20, 2013, Velti Plc announced its second quarter 2013 results. Among other things, Velti Plc said that it engaged Deloitte Financial Advisory Services to assist in evaluating the near-term and longer-term collectability of receivables on the books of its Greek and Cypriot subsidiaries and that as a result of this evaluation, Velti Plc is taking a charge in Q2 of approximately $111 million to its trade receivables and accrued contract receivables relating to its enterprise business, which primarily sold customized mobile marketing platforms to customers with operations principally within Greece and Cyprus. Velti Plc also said that it began a major restructuring.
Shares of Velti Plc declined from $1.03 per share on August 20, 2013, to $0.341 per share on August 21, 2013.
On October 21, 2013, NASDAQ:VELT shares closed at $0.239 per share.
Those who purchased shares of Velti Plc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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