Hagens Berman Reminds VELT Investors of Oct. 21, 2013 Deadline and Continued
BERKELEY, Calif. -- September 17, 2013
Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, today
reminded investors of the Oct. 21, 2013, deadline to move to be a lead
plaintiff in the securities fraud class action against Velti PLC (NASDAQ:
VELT) (“Velti” or “The Company”). Persons with information or who have
suffered financial losses can contact a Hagens Berman attorney by emailing
Investors who purchased Velti stock between Jan. 27, 2011, and Aug. 20, 2013,
(the “Class Period”) are also invited to explore their options by contacting
Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation,
by calling (510) 725-3000. More information is available at
The lawsuit, filed on Aug. 22, 2013, alleges that Velti misled investors
regarding its revenues and receivables. On Aug. 20, 2013, Velti reported Q2
2013 financial results, which included $111 million in write-downs for
receivables in its enterprise business. Attorneys say Velti also came clean 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 used to be viewed as a success story in its industry, but the company
wasted its cash on acquisitions while its customers in its core business were
not paying Velti,” said Hagens Berman Partner Reed Kathrein. “Clearly, Velti
knew before August that it had a huge deadbeat problem with customers in
Greece and Cyprus. Our investigators are digging in on these facts.”
The deadline to move for the position of lead plaintiff in the case is Oct.
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
Firmani + Associates
Mark Firmani, 206-443 9357
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