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Sito Mobile, Ltd. (SITO)

NASDAQ:SITO

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Investing In Sito Mobile, Ltd.  To Contact The Firm

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.

Take Action

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 rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Sito’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Request Information

Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.

  • Case:
    Sito Mobile, Ltd. (SITO)
  •    

* The submission of this form does not create an attorney-client relationship.

Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 03/28/2017

Send Information

If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.