Hagens Berman Investor Alert: 11 Days Remain before Oct. 21, 2013, Deadline
in Velti Securities Class Action
BERKELEY, Calif. -- October 10, 2013
Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds
investors that only 11 days remain before the Oct. 21, 2013 lead plaintiff
deadline in a securities fraud class action against Velti PLC (NASDAQ: VELT)
(“Velti” or “The Company”). Individuals with financial losses exceeding
$100,000 may contact attorneys at Hagens Berman by emailing VELT@hbsslaw.com.
The lawsuit identifies a class of investors who purchased Velti stock between
Jan. 27, 2011 and Aug. 20, 2013 (the “Class Period”). If you bought Velti
stock during that period, and incurred losses exceeding $100,000, you are
encouraged to contact Reed Kathrein, partner at Hagens Berman. Mr. Kathrein
can be reached by calling (510) 725-3000. More information is available at
The lawsuit, which was originally filed on Aug. 22, 2013, claims that prior to
reporting its Q2 2013 financial results on Aug. 20, Velti misinformed
investors about its revenues and receivables. When the company announced
financial results, it included $111 million in write-downs for receivables in
its enterprise business.
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. It
continues to trade below class period highs, closing just over $.35 per share
on Oct. 8, 2013.
Hagens Berman attorneys are investigating whether Velti fully disclosed, as
required by law, issues that would impact the financial condition of the
company in advance of reporting financial results on Aug. 20, 2013.
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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