The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Sito Mobile, Ltd. (NASDAQCM: SITO) who purchased shares between February 9, 2016 and January 2, 2017. The action, which was filed in the United States District Court for the District of New Jersey, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (i) Sito’s growth of bookings would not propel the Company’s fourth fiscal quarter 2016 media placement revenues and revenue growth to the level represented during the Class Period; (ii) Sito was aware that the election would impact the Company’s fourth fiscal quarter 2016 revenue; (iii) clients’ campaign spending and media placement revenues in the fourth quarter 2016 was highly dependent on the elections; (iv) the Company’s growth in media placement revenues would not occur in the fourth fiscal quarter 2016; (v) as a result of the foregoing, the Company’s statements, as well as Defendants’ statements about Sito’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Shareholders have until April 18, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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