LOS ANGELES, Sept. 21, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP, announces that all purchasers of Velti plc ("Velti" or the "Company") (Nasdaq:VELT) securities between January 27, 2011 and August 20, 2013, inclusive (the "Class Period'), have until October 21, 2013 to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the Northern District of California.
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 OR IF YOU PURCHASED VELTI SHARES BEFORE THE CLASS PERIOD. 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 companies 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.
If you are a member of the Class described above you may move the Court no later than October 21, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. 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.
To learn more about this action or if you purchased Velti securities prior to the Class Period and have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael 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 shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
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