BENSALEM, Pa., Oct. 11, 2013 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of a class (the "Class") comprising all purchasers of the securities of Velti plc ("Velti" or the "Company") (Nasdaq:VELT) between January 27, 2011 and August 20, 2013, inclusive (the "Class Period"). Members of the Class have until October 21, 2013, to file a motion with the Court to be appointed as lead plaintiff.
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 Company's and certain of its 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: (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.
If you are a member of the Class described above, you have certain rights, and have until October 21, 2013 to move for lead plaintiff status. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to discuss this action, or if you purchased Tower Group securities prior to the Class Period and have any questions concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.