LOS ANGELES--(BUSINESS WIRE)--
Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased SITO Mobile, Ltd. (“SITO” or the “Company”) (NASDAQ: SITO) securities between February 9, 2016 and January 2, 2017, inclusive (the “Class Period”). SITO investors have until April 18, 2017 to file a lead plaintiff motion.
Investors suffering losses on their SITO investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to [email protected].
The Complaint filed in this class action lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) SITO's development of bookings would not drive the Company's fourth fiscal quarter 2016 media placement revenues and revenue growth to the level represented during the Class Period; (2) SITO was aware that the election would impact its fourth fiscal quarter 2016 revenue, (3) clients' campaign spending and media placement revenues in the fourth quarter 2016 was highly dependent on the elections; (4) SITO's growth in media placement revenues would not occur in the fourth fiscal quarter 2016; (5) consequently, SITO's statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On January 3, 2017, SITO disclosed disappointing quarterly revenue results for its preliminary media placement for the quarter ending December 31, 2016. According to SITO, the results were adversely impacted by limited marketing expenditures and an “elongated media focus on this year's U.S. election." On this news, SITO stock fell 32% on January 3, 2017.
If you purchased shares of SITO during the Class Period you may move the Court no later than April 18, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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