Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, is investigating Velti PLC (NASDAQ: VELT) (“Velti”) for securities fraud following the company’s announcement of a major write-down of receivables in its Greek and Cypriot subsidiaries and advises investors of the class action lead plaintiff deadline on Oct. 21, 2013. Persons with information or who have suffered financial losses can contact a Hagens Berman attorney by emailing VELT@hbsslaw.com.
The lawsuit, filed on Aug. 22, 2013, alleges that Velti misled its investors regarding its revenues and receivables. Investors who purchased Velti stock between Jan. 27, 2011, and Aug. 20, 2013 (the “Class Period”), are invited to explore their options with 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 deadline to move for the position of lead plaintiff in the case is Oct. 21, 2013.
On Aug. 20, 2013, Velti reported Q2 2013 financial results, which included $111 million in write-downs for receivables in its enterprise business, and came clean, attorneys say, as to 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.Hagens Berman is investigating 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. “Velti sold 16.5 million shares at a price of $1.50 per share in April,” said Mr. Kathrein. “We have to wonder if the need to raise cash through that sale caused the company to play fast and loose with the truth regarding potential write-downs in advance of disclosing its second-quarter results.” Persons with non-public information may want to 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.
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