Breaking News

Tweet TWEET

Hagens Berman Advises Investors of Oct. 21, 2013, Deadline in Velti PLC Securities Lawsuit and Investigation

  Hagens Berman Advises Investors of Oct. 21, 2013, Deadline in Velti PLC
  Securities Lawsuit and Investigation

Business Wire

BERKELEY, Calif. -- September 4, 2013

Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, is
investigating Velti PLC (NASDAQ: VELT) (“Velti”) for securities fraud
following the company’s announcement of a major write-down of receivables in
its Greek and Cypriot subsidiaries and advises investors of the class action
lead plaintiff deadline on Oct. 21, 2013. Persons with information or who have
suffered financial losses can contact a Hagens Berman attorney by emailing
VELT@hbsslaw.com.

The lawsuit, filed on Aug. 22, 2013, alleges that Velti misled its investors
regarding its revenues and receivables. Investors who purchased Velti stock
between Jan. 27, 2011, and Aug. 20, 2013 (the “Class Period”), are invited to
explore their options with Hagens Berman Partner Reed Kathrein, who is leading
the Firm’s investigation, by calling (510) 725-3000. More information is
available at http://hb-securities.com/investigations/VELT.

The deadline to move for the position of lead plaintiff in the case is Oct.
21, 2013.

On Aug. 20, 2013, Velti reported Q2 2013 financial results, which included
$111 million in write-downs for receivables in its enterprise business, and
came clean, attorneys say, as to how much of the receivables it had been
carrying actually were through its Greek and Cypriot subsidiaries. Following
the announcement, the company’s stock price lost more than two-thirds of its
value.

Hagens Berman is investigating whether Velti fully disclosed, as required by
law, issues that would impact the financial condition of the company, in
advance of the Aug. 20, 2013, announcement.

“Velti sold 16.5 million shares at a price of $1.50 per share in April,” said
Mr. Kathrein. “We have to wonder if the need to raise cash through that sale
caused the company to play fast and loose with the truth regarding potential
write-downs in advance of disclosing its second-quarter results.”

Persons with non-public information may want to consider their options to help
in the investigation or take advantage of the SEC Whistleblower program. Under
the new SEC whistleblower program, whistleblowers who provide original
information may receive rewards totaling up to 30 percent of any successful
recovery made by the SEC.

About Hagens Berman

Hagens Berman Sobol Shapiro, LLP is an investor-rights class-action law firm
with offices in nine cities including the San Francisco Bay Area where this
lawsuit has been filed. The Firm represents investors, whistleblowers, workers
and consumers in complex litigation. More about the law firm and its successes
can be found at www.hbsslaw.com. The Firm’s Securities Newsletter is at
http://www.hb-securities.com/newsletter.

Contacts

Contact:

Firmani + Associates
Mark Firmani, 206-443-9357
Mark@firmani.com