A lawsuit was filed on behalf of investors in Velti Plc (NASDAQ:VELT) shares over alleged securities laws violations. Deadline: October 21, 2013. NASDAQ:VELT investors should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 08/26/2013 -- An investor, who purchased shares of Velti Plc (NASDAQ:VELT), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Velti Plc connection with certain allegedly false and misleading statements made between January 27, 2011 and August 20, 2013.
Investors who purchased a significant amount of shares of Velti Plc (NASDAQ:VELT) between January 27, 2011 and August 20, 2013, have certain options and for certain investors are short and strict deadlines running. Deadline: October 21, 2013. NASDAQ:VELT investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges, on behalf of all persons or entities who purchased or otherwise acquired securities 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.
Velti Plc reported that its annual Total Revenue rose from $116.27 million in 2010 to $270.34 million in 2012 while its respective Net Loss increased from $15.67 million to $61.23 million. Shares of Velti Plc (NASDAQ:VELT) traded in July 2011 as high as $19.70 per share and declined in the end of 2012 to as low as $3.41 per share.
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 $0.344 per share on August 23, 2013.
Those who purchased shares of Velti Plc (NASDAQ:VELT), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
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