BERKELEY, Calif.--(EON: Enhanced Online News)--Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds investors that only 11 days remain before the Oct. 21, 2013 lead plaintiff deadline in a securities fraud class action against Velti PLC (NASDAQ: VELT) (“Velti” or “The Company”). Individuals with financial losses exceeding $100,000 may contact attorneys at Hagens Berman by emailing VELT@hbsslaw.com.
The lawsuit identifies a class of investors who purchased Velti stock between Jan. 27, 2011 and Aug. 20, 2013 (the “Class Period”). If you bought Velti stock during that period, and incurred losses exceeding $100,000, you are encouraged to contact Reed Kathrein, partner at Hagens Berman. Mr. Kathrein can be reached by calling (510) 725-3000. More information is available at http://hb-securities.com/investigations/VELT.
The lawsuit, which was originally filed on Aug. 22, 2013, claims that prior to reporting its Q2 2013 financial results on Aug. 20, Velti misinformed investors about its revenues and receivables. When the company announced financial results, it included $111 million in write-downs for receivables in its enterprise business.
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. It continues to trade below class period highs, closing just over $.35 per share on Oct. 8, 2013.
Hagens Berman attorneys are investigating whether Velti fully disclosed, as required by law, issues that would impact the financial condition of the company in advance of reporting financial results on Aug. 20, 2013.
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.