Law Offices of Howard G. Smith announces that investors of Velti plc
(“Velti” or the “Company”) (NASDAQ:VELT) have until October 21, 2013 to
move the Court to serve as lead plaintiff in the securities fraud class
action lawsuit filed in the United States District Court for the
Northern District of California on behalf of a class (the “Class”)
comprising all purchasers of Velti securities between January 27, 2011
and August 20, 2013, inclusive (the “Class Period”).
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 federal securities laws.
Specifically, the Complaint alleges 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 statements and
reported financial results, including: (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 or may retain counsel of your choice. If you purchased shares prior
to the Class Period and wish to learn more 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 howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
Copyright Business Wire 2013