A Deadline is coming up on October 21, 2013 in the lawsuit for investors in Velti Plc (NASDAQ:VELT) and NASDAQ:VELT stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 10/14/2013 -- In the securities lawsuit filed for certain investors in shares of Velti Plc (NASDAQ:VELT) a deadline is coming up on October 21, 2013.
Investors with a substantial investment in Velti Plc (NASDAQ:VELT) shares between January 27, 2011 and August 20, 2013, should get active before that deadline and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the the U.S. District Court for the Northern District of California the plaintiff alleges on behalf of purchasers of Velti Plc (NASDAQ:VELT) between January 27, 2011 and August 20, 2013, that Velti Plc and certain of its officers 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 (NASDAQ:VELT) declined from $1.03 per share on August 20, 2013, to $0.341 per share on August 21, 2013.
On October 11, 2013, NASDAQ:VELT shares closed at $0.338 per share.
Those who purchased shares of Velti Plc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego