The Law Offices of Todd M. Garber 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. 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 Velti and certain of the Company’s executive officers made false and/or misleading statements and failed to disclose material adverse facts about Velti’s financial performance. Specifically, the Complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose that:
- The Company was having difficulties collecting certain receivables.
- Certain of the Company’s receivables were uncollectible and, as a result, the Company’s revenues and receivables were overstated during the Class Period.
- The Company lacked adequate internal and financial controls.
- As a result of defendants’ misrepresentations and omissions, the Company’s statements and reported financial results were materially false and misleading at all relevant times.