A lawsuit was filed on behalf of investors in Sito Mobile Ltd (NASDAQ:SITO) shares over alleged securities laws violations and NASDAQ:SITO investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/22/2017 -- An investor, who purchased NASDAQ:SITO shares, filed a lawsuit in New Jersey against Sito Mobile Ltd over alleged violations of Federal Securities Laws.
Investors who purchased shares of Sito Mobile Ltd (NASDAQ:SITO) have certain options and for certain investors are short and strict deadlines running. Deadline: April 18, 2017. NASDAQ:SITO investors should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Sito Mobile Ltd (NASDAQ:SITO) common shares between February 9, 2016, and January 2, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 9, 2016, and January 2, 2017, the Defendants issued materially false and/or misleading statements and/or failed to disclose that Sito Mobile's growth of bookings would not propel the Company's fourth fiscal quarter 2016 media placement revenues and revenue growth to the level represented during the Class Period, that Sito Mobile was aware that the election would impact the Company's fourth fiscal quarter 2016 revenue, that clients' campaign spending and media placement revenues in the fourth quarter 2016 was highly dependent on the elections, that the Company's growth in media placement revenues would not occur in the fourth fiscal quarter 2016, and that as a result of the foregoing, the Company's statements, as well as Defendants' statements about Sito Mobile's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On January 3, 2017, announced Sito Mobile Ltd announced quarterly revenue results for its preliminary media placement for the quarter ending December 31, 2016. Sito Mobile Ltd stated its quarterly results were "negatively affected this year by restrained advertising spending during a period of heightened and elongated media focus on this year's U.S. election." The Company's CEO, Jerry Hug, said "We clearly underestimated the effects of this year's election on our clients' campaign spending." In the third quarter conference call, for example, Hug told an analyst there would not be a meaningful drop off as a result of the election. Shares of Sito Mobile Ltd (NASDAQ:SITO) declined to $2.15 per share on January 9, 2017.
On February 21, 2017, NASDAQ:SITO closed at $2.21 per share.
Those who purchased shares of Sito Mobile Ltd have certain options and should contact the Shareholders Foundation.
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