Investor Alert: Scott+Scott, Attorneys at Law, LLP Notifies Investors of
Upcoming Deadline in Velti plc Class Action Lawsuit -- VELT
NEW YORK, Sept. 6, 2013 (GLOBE NEWSWIRE) -- On August 22, 2013, Scott+Scott,
Attorneys at Law, LLP filed a class action lawsuit in the United States
District Court for the Northern District of California on behalf of a class
(the "Class") consisting of all persons or entities who purchased the
securities of Velti plc ("Velti" or the "Company") (Nasdaq:VELT) between
January 27, 2011 and August 20, 2013, inclusive (the "Class Period").
Investors who purchased Velti securities during the Class Period and wish to
serve as a lead plaintiff in the class action must move the Court no later
than October 21, 2013. Members of the investor class may move the Court to
serve as lead plaintiff through counsel of their choice, or may choose to do
nothing and remain absent class members in the lawsuit.If you wish to view
the class action complaint, discuss the Velti lawsuit, or have questions
concerning this notice or your rights, please contact Michael Burnett of
Scott+Scott (firstname.lastname@example.org, (800) 404-7770, (860) 537-5537) or
visit the Scott+Scott website for more information:
There is no cost or fee to you.
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 charges Velti and certain of the Company's executive officers
with violations of the federal securities laws, alleging that, throughout the
Class Period, the defendants made false and/or misleading statements, as well
as failed to disclose material adverse facts about Velti's reported financial
results to investors. Specifically, the Complaint alleges that the defendants
made false and/or misleading statements and/or failed to disclose that: (1)
the Company was having difficulty collecting certain receivables; (2) certain
of the Company's receivables were uncollectible; (3) as a result, the
Company's revenues and receivables were overstated during the Class Period;
(4) the Company lacked adequate internal and financial controls; and (5), as a
result of the foregoing, the Company's statements and reported financial
results 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 the Company had made the decision to
write-down approximately $111 million to its trade receivables and accrued
contract receivables relating to its enterprise business. 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 per share, on heavy trading volume.
Scott+Scott has significant experience in prosecuting major securities,
antitrust, and employee retirement plan actions throughout the United
States.The firm represents pension funds, foundations, individuals, and other
CONTACT: Michael Burnett
Scott+Scott, Attorneys at Law, LLP
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