On January 3, 2017, SITO released discouraging quarterly revenue results for its preliminary media placement for the quarter ending December 31, 2016. SITO said its results were "negatively affected this year by restrained advertising spending during a period of heightened and elongated media focus on this year's U.S. election." Jerry Hug SITO's CEO was quoted, "We clearly underestimated the effects of this year's election on our clients' campaign spending."
Despite a positive conference call in the third quarter where Hug told an analyst that there would not be a significant drop from the election, the discouraging results came shortly after the SITO's repeated hype and positive forecast. Following this news, SITO stock dropped 32% on January 3, 2017.
If you are aware of any facts relating to this investigation, or purchased SITO shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/sito. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC