SAN DIEGO, March 17, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit is pending on behalf of certain purchasers Velti Plc (VELTF, formerly VELT) common stock over alleged violations of Federal Securities Laws by purchasers Velti Plc in connection with certain allegedly false and misleading statements.
If you purchased shares of Velti Plc (VELT) in the initial public offering ("IPO") on January 27, 2011, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that defendants made false and/or misleading statements and/or failed to disclose that Velti Plc was having difficulties collecting certain receivables, that certain of Velti Plc's receivables were uncollectible, that, as a result, Velti Plc's revenues and receivables were overstated between January 27, 2011 and August 20, 2013, that Velti Plc lacked adequate internal and financial controls, and that, as a result of the foregoing, Velti Plc's statements and reported financial results were materially false and misleading at all relevant times.
On August 20, 2013, Velti Plc announced its second quarter 2013 results and disclosed that it had made the decision to write-down approximately $111 million to its trade receivables and accrued contract receivables relating to its enterprise business. Moreover, Velti Plc announced a "major restructuring" of its business.
Those who purchased shares of Velti Plc in the IPO on January 27, 2011, have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.