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Case Status:    SETTLED
On or around 02/20/2015 (Settlement preliminarily approval)

Filing Date: August 22, 2013

According to the law firm press release, 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.

On October 21, 2013, Lead Plaintiff filed one of several competing motions in this District seeking consolidation of the Initial Related Actions.

On December 3, 2013, the Court entered an Order Granting Motion to Consolidate and Appoint Lead Plaintiff which appointed the aforementioned Lead Plaintiff and its choice of counsel, The Weiser Law Firm, P.C. (the “Weiser Firm”), as Lead Counsel.

On April 22, 2014, Lead Plaintiff filed a 130 page, consolidated complaint in the Action.

After the Complaint was filed, the Settling Parties continued their dialogue with the Mediator and ultimately agreed to the Partial Settlement outlined in the Stipulation filed with the Court on May 23, 2014.

COMPANY INFORMATION:

Sector:
Industry:
Headquarters: Ireland

SECURITIES INFORMATION:

Ticker Symbol: VELT
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 13-CV-03889
JUDGE: Hon. William H. Orrick
DATE FILED: 08/22/2013
CLASS PERIOD START: 01/27/2011
CLASS PERIOD END: 08/20/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Law Offices of Howard G. Smith
    3070 Bristol Pike, Suite 112, Law Offices of Howard G. Smith, PA 19020
    215.638.4847 215.638.4867 ·
  3. Scott + Scott LLP (NY)
    405 Lexington Avenue, 40th Floor, The Chrysler Building, Scott + Scott LLP (NY), NY 10174
    (212) 223-6444 (212) 223-6444 ·
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 13-CV-03889
JUDGE: Hon. William H. Orrick
DATE FILED: 04/22/2014
CLASS PERIOD START: 01/27/2011
CLASS PERIOD END: 08/20/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Weiser Law Firm, P.C.
    121 N. Wayne, Ave, Suite 100, The Weiser Law Firm, P.C.
    610.667.7706 · rw@weiserlawfirm.com
No Document Title Filing Date