Hagens Berman: Three Weeks Remain before Oct. 21, 2013, Deadline in Velti
Securities Class Action
BERKELEY, Calif. -- September 30, 2013
Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds
investors of the Oct. 21, 2013, lead plaintiff deadline in the securities
fraud class action against Velti PLC (NASDAQ:VELT) (“Velti” or “The Company”).
Individuals with financial losses may contact attorneys at Hagens Berman by
Investors who purchased Velti stock between Jan. 27, 2011, and Aug. 20, 2013
(the “Class Period”), and who suffered losses exceeding $100,000 are 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 http://hb-securities.com/investigations/VELT.
The securities fraud lawsuit, filed on Aug. 22, 2013, asserts that Velti
misinformed investors about 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 revealed 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, closing on August 21, 2013, at $0.34 per share.
Hagens Berman continues to investigate 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, which included a “major
restructuring” of the company.
“Velti has left a lot of unanswered questions for its investors and our
investigation is narrowing down the details about their disclosure,” said Mr.
Kathrein. “We think Velti should have come clean with investors much earlier
and may be liable for investor losses.”
The deadline to move for the position of lead plaintiff in the case is Oct.
Persons with non-public information should 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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