Law Offices of Howard G. Smith Encourages Investors to Inquire About a Lead
Plaintiff Position in the Class Action Lawsuit Against Velti plc -- VELT
BENSALEM, Pa., Oct. 11, 2013 (GLOBE NEWSWIRE) -- Law Offices of Howard G.
Smith announces that a class action lawsuit has been filed in the United
States District Court for the Northern District of California on behalf of a
class (the "Class") comprising all purchasers of the securities of Velti plc
("Velti" or the "Company") (Nasdaq:VELT) between January 27, 2011 and August
20, 2013, inclusive (the "Class Period"). Members of the Class have until
October 21, 2013, to file a motion with the Court to be appointed as lead
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
alleges that throughout the Class Period the Company's and certain of its
executive officers made false and/or misleading statements and failed to
disclose material adverse facts about Velti's financial performance.
Specifically, the Complaint alleges that the defendants made false and/or
misleading statements and/or failed to disclose: (1) that the Company was
having difficulties collecting certain receivables; (2) that certain of the
Company's receivables were uncollectible; (3) that, as a result, the Company's
revenues and receivables were overstated during the Class Period; (4) that the
Company lacked adequate internal and financial controls; and (5) that, as a
result of the foregoing, the Company's statements and reported financial
results were materially false and misleading at all relevant times.
If you are a member of the Class described above, you have certain rights, and
have until October 21, 2013 to move for lead plaintiff status. To be a member
of the Class you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the Class. If
you wish to discuss this action, or if you purchased Tower Group securities
prior to the Class Period and have any questions concerning your rights or
interests with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to firstname.lastname@example.org, or visit our
website at http://www.howardsmithlaw.com.
CONTACT: Law Offices of Howard G. Smith
Howard G. Smith, Esquire
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