|[August 22, 2013]
Glancy Binkow & Goldberg LLP Files Class Action Lawsuit Against Velti plc
LOS ANGELES --(Business Wire)--
Notice is hereby given that Glancy
Binkow & Goldberg LLP has filed a class action lawsuit in the
United States District Court for the Northern District of California on
behalf of a class (the "Class") consisting of all persons or entities
who purchased the securities of Velti
plc ("Velti (News - Alert)" or the "Company") (NASDAQ:VELT) between January 27,
2011 and August 20, 2013, inclusive (the "Class Period").
A COPY OF THE COMPLAINT
IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE
CONTACT US AT (212) 682-5340, TOLL-FREE AT (888) 773-9224, OR AT SHAREHOLDERS@GLANCYLAW.COM
TO DISCUSS THIS MATTER. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR
MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED.
The Complaint charges Velti and certain of the Company's executive
officers with violations of federal securities laws. Velti engages in
the provision of mobile marketing and advertising technology and
solutions for brands, advertising agencies, mobile operators, and media
copanies primarily in Europe, the Americas, Asia, and Africa. 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. 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.
On August 20, 2013, the Company reported its 2013 fiscal second quarter
financial results and disclosed that the Company had made the decision
to write-down approximately $111 million to its trade receivables and
accrued contract receivables relating to its enterprise business.
Moreover, the Company announced a "major restructuring" of its business.
On this news, shares of Velti declined $0.66 per share, more than 66%,
to close on August 21, 2013, at $0.34 per share, on heavy trading volume.
Plaintiff seeks to recover damages on behalf of class members and is
represented by Glancy Binkow & Goldberg LLP, a law firm with significant
experience in prosecuting class actions and substantial expertise in
actions involving corporate fraud.
If you are a member of the Class described above, you may move the
Court, no later than 60 days from the date of this Notice, to serve as
lead plaintiff; however, you must meet certain legal requirements. To learn
more about this action or if you have any questions concerning this
Notice or your rights or interests with respect to these matters, please
Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century
Park East, Suite 2100, Los Angeles, California 90067, Toll-Free at (888)
773-9224, or contact Gregory
Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd
Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by
e-mail to email@example.com,
or visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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