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 emailing VELT@hbsslaw.com.
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. 21, 2013.
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.
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 http://www.hb-securities.com/newsletter.
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