Velti PLC

As plaintiffs’ counsel representing named plaintiff St. Paul Teachers’ Retirement Fund Association, Berman Tabacco joined lead counsel to recover $10,250,000 on behalf of investors. Plaintiffs alleged that defendants (i) reported financial results that failed to comply with GAAP; (ii) overstated the company’s accounts receivable, revenue, income and shareholder equity; (iii) failed to record a proper allowance for doubtful accounts; and (iv) misled investors about the quality and collectability of Velti’s receivables. This case presented challenges because the company was in bankruptcy and many of the defendants were overseas nationals.