Veritone, Inc. (VERI) Securities Class Action Filed After Admitting Improper Revenue Accounting - HBSS

SAN FRANCISCO, June 1, 2026 /PRNewswire/ -- Veritone, Inc. (NASDAQ: VERI) faces a securities class action lawsuit, which seeks to represent investors who purchased or otherwise acquired Veritone securities between October 14, 2025 and April 14, 2026.

The lawsuit comes in the wake of Veritone's admission that certain previously filed financial statements should no longer be relied upon. The rolling news culminating in the admission has driven the price of Veritone shares significantly lower since issues began to surface on March 26, 2026.

The developments have prompted Hagens Berman to open an investigation into claims that Veritone and its management violated the federal securities laws. The firm encourages Veritone investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist the investigation to contact its attorneys.

Class Period: Oct. 14, 2025 – Apr. 14, 2026
Lead Plaintiff Deadline: July 20, 2026
Visit: www.hbsslaw.com/investor-fraud/veri
Contact the Firm Now: [email protected]
                                       844-916-0895

Veritone, Inc. (VERI) Securities Class Action:

The litigation is focused on the propriety of Veritone's repeated assurances that it prepared its financial statements in conformity with applicable accounting rules.

Specifically, the complaint alleges that Veritone did not disclose to investors that it did not accurately record and classify certain revenues and costs, and that the company overstated revenues, assets (including accounts receivable), royalties and other comprehensive income.

Investors learned the truth through a series of partial disclosures beginning on March 26, 2026. That day, Veritone provided an unexpectedly broad range of preliminary Q4 2025 revenues, explaining that "it is currently finalizing its accounting determination of certain revenue transactions[.]" This news drove the price of Veritone shares down over 29% the next day.

Then, on April 1, 2026, the company announced that it would not timely file its annual report "due to delays in finalizing the Company's accounting determination of certain barter revenue transactions[.]" The company also raised the possibility of having to reduce previously recorded revenues and, of additional concern, that revisions or restatements of previously issued financial statements for quarters ended June 30 and September 30, 2025 could be required. This news drove the price of Veritone shares down over 9% that day.

On April 14, 2026, the company revealed that it "determined that the Company's previously issued unaudited condensed consolidated financial statements as of and for the three and nine months ended September 30, 2025 should no longer be relied upon" due to misapplied accounting resulting in significant revenue overstatements and net loss understatements. The divergence from accounting rules included "an error in the valuation of consideration received associated with an on-premise software sold and delivered to a customer" and "misclassification of revenue and costs in transactions in which the Company acted as an agent[.]" This news drove the price of Veritone shares down over 8% the next day.

"Our investigation is focused on whether Veritone and its management intentionally misled investors about its financial performance using now-admitted improper accounting," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation.

If you invested in Veritone and have substantial losses, or have knowledge that will assist the firm's investigation, submit your losses now »

If you'd like more information and answers to other frequently asked questions about the Veritone case and our investigation, read more »

Whistleblowers: Persons with non-public information regarding Veritone should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

SOURCE Hagens Berman Sobol Shapiro LLP