NEW YORK, April 5, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Sito Mobile, Ltd. ("Sito" or the "Company") (NASDAQ: SITO) of the April 18, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Sito common stock between February 9, 2016, and January 2, 2017 (the "Class Period"). The case, Roper v. Sito Mobile Ltd. et al, No. 17-cv-01106 was filed on February 17, 2017, and has been assigned to Judge Esther Salas.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to appropriately disclose that media placement revenue in the fourth quarter 2016 was highly dependent on the federal elections.
Specifically, on January 3, 2017, Sito announced its financial results for the fourth fiscal quarter and year ended December 31, 2016. Within the accompanying press release, Jerry Hug, Sito's CEO, said, "We are disappointed that Q4 ad revenue fell below our expectations after a very good year overall. We clearly underestimated the effects of this year's election on our clients' campaign spending. Leading into the quarter, we saw seemingly normal activity levels and then revenue dropped off dramatically during the election window." This announcement came after several Company statements throughout 2016 touting the strength of the company's advertising business and the expectation of growth in its media placement revenue for the fourth quarter of 2016.
On this news, Sito's share price fell from $3.69 per share on December 30, 2016 to a closing price of $2.50 on January 3, 2017—a $2.50 or a 32% drop.
Request more information now by clicking here: www.faruqilaw.com/SITO There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Sito's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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