Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Velti plc -- WAYNE, Pa., Aug. 23, 2013 /PRNewswire/ -- WAYNE, Pa., Aug. 23, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of Velti plc ("Velti" or the "Company") (Nasdaq: VELT) between January 27, 2011 and August 20, 2013, inclusive (the "Class Period"). For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/velt. The Complaint charges Velti and certain of the Company's executive officers with violations of federal securities laws. 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. If you are a member of the class, you may, no later than October 21, 2013, request that the Court appoint you as lead plaintiff of the class. For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/velt or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at rmaniskas@rmclasslaw.com.