Velti plc
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Velti plc. Securities Settlement
The lawsuit was settled for $9.5 million in cash. The following is a summary of the proceedings in the lawsuit: ‘The Class Action alleges that Velti, certain of its current and/or former officers and directors (the Individual Defendants) and Velti former auditor, Baker Tilly, committed violations of the antifraud provisions of the Exchange Act. The Class Action also alleges that Velti, certain of the Individual Defendants, Baker Tilly, and the Underwriter Defendants issued materially false statements or omissions in connection with Velti Initial Public Offering and Secondary Public Offering in violation of the Securities Act. The Class Action was filed following the August 20, 2013 announcement by Velti that the Company made a decision to write down more than $100 million in outstanding receivables in its financial results for the second fiscal quarter of 2013. As set forth in the pleadings on file in the Class Action, the Plaintiffs allege that during the Class Period, the Defendants failed to disclose material information, among other things: (1) that the Company was having difficulties collecting certain receivables; (2) that certain of the Company receivables were uncollectible; (3) that, as a result, the Company revenues and receivables were overstated during the proposed Class Period; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the foregoing, the Company statements and reported financial results during the Class Period were materially false and misleading.’