Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in SITO Mobile (NASDAQ: SITO) in connection to alleged violations of securities laws by SITO and certain of its officers. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in SITO Mobile between February 9, 2016, and January 2, 2017.
The class action complaint specifically alleges that during the period in question, SITO and certain of its officers might have provided false and/or misleading material information, and/or failed to disclose adverse material information, namely: that the company’s bookings in the fourth quarter of 2016 would not drive media placement revenue and revenue growth as represented; that the company knew its revenue for that quarter would be affected by the presidential election; that, in that quarter, the company’s clients’ campaign spendings and placement revenues were very contingent on the presidential election; that the company would not see growth in media placement revenues in 2016’s fourth quarter; and that thus the company’s statements about its prospects, operations and business were false and/or misleading and/or had no reasonable basis.
SITO Mobile announced in a January 3, 2017 release that its quarterly revenues for preliminary media placements in the fourth quarter of 2016 were disappointing. The company stated that its revenues were adversely affected by the “elongated media focus on this year’s U.S. election.” After this news, shares in SITO descended in value by 32%.
According to the company’s website, SITO Mobile “provides a mobile engagement platform that enables brands to increase awareness, loyalty and sales.” The company is headquartered in Jersey City, New Jersey and trades on the NASDAQ exchange under SITO.
A class action lawsuit has already been filed in connection with SITO Mobile. If you wish to serve as lead plaintiff in the SITO lawsuit, you must move the Court no later than April 18, 2017. If you wish to join the litigation, please contract Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.