Pomerantz Law Firm has filed a Class Action Against Velti Plc. and Certain
Officers - VELT
NEW YORK, Aug. 26, 2013
NEW YORK, Aug. 26, 2013 /PRNewswire/ --Pomerantz Grossman Hufford Dahlstrom &
Gross LLP has filed a class action lawsuit against Velti Plc. ("Velti" or the
"Company") (NASDAQ: VELT) and certain of its officers. The class action,
filed in United States District Court, Northern District of California, and
docketed under 13-cv-03954, is on behalf of a class consisting of all persons
or entities who purchased or otherwise acquired securities of Velti between
January 27, 2011 and August 20, 2013 both dates inclusive (the "Class
Period"). This class action seeks to recover damages against the Company and
certain of its officers and directors as a result of alleged violations of the
federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder with purchased Velti securities during the Class
Period, you have until October 21, 2013 to ask the Court to appoint you as
Lead Plaintiff for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com.To discuss this action, contact Robert S. Willoughby at
firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Velti engages in the provision of mobile marketing and advertising technology
and solutions for brands, advertising agencies, mobile operators, and media
companies primarily in Europe, the Americas, Asia, and Africa.
The Complaint alleges that throughout the Class Period, Defendants made false
and/or misleading statements, as well as failed to disclose material adverse
facts about the Company's business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to disclose
that: (1) the Company was overstating its revenue; (2) the Company had
difficulties collecting its receivables from certain customers; (3) the
Company lacked a reasonable basis for assuming that its receivables would be
paid by certain customers; (4) the Company lacked adequate internal and
financial controls; and (5) as a result of the foregoing, the Company's
statements were materially false and misleading at all relevant times.
On August 20, 2013, the Company reported its 2013 fiscal second quarter
financial results and disclosed that for the quarter revenue had decreased
46.84% to $31.2 million from the same period the prior year and that adjusted
earnings per share had decreased to $-0.25 in the quarter versus earnings per
share of $-0.01 in the same period a year ago. Moreover, the Company announced
a "major restructuring" of its business. On this news, shares of Velti
declined $0.66 per share, more than 66%, to close on August 21, 2013, at $0.34
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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