An investigation for investors in NASDAQ:SITO shares was announced concerning possible violations of securities laws by Sito Mobile in connection certain financial statements.
Investors who purchased shares of Sito Mobile Ltd (NASDAQ:SITO), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Sito Mobile Ltd (NASDAQ:SITO) concerning whether certain statements by Sito Mobile Ltd regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Jersey City, NJ based SITO Mobile, Ltd. operates a mobile location-based advertising platform serving businesses, advertisers and brands. Sito Mobile Ltd reported that its Total Revenue rose from $9.87 million for the 12 months period that ended on September 30, 2013 to $15.81 million for the 12 months period that ended on September 30, 2015 and that its Net Loss for those time periods increased from $4.51 million to $4.53 million.
Shares of Sito Mobile Ltd (NASDAQ:SITO) grew from $1.82 per share in January 2016 to as high as $5.60 per share in October 2016.
On January 3, 2017, announced Sito Mobile Ltd announced quarterly revenue results for its preliminary media placement for the quarter ending December 31, 2016. Sito Mobile Ltd stated its quarterly results were “negatively affected this year by restrained advertising spending during a period of heightened and elongated media focus on this year’s U.S. election.” The Company’s CEO, Jerry Hug, said “We clearly underestimated the effects of this year’s election on our clients’ campaign spending.” In the third quarter conference call, for example, Hug told an analyst there would not be a meaningful drop off as a result of the election. Shares of Sito Mobile Ltd (NASDAQ:SITO) declined to $2.15 per share on January 9, 2017.
On January 20, 2017, NASDAQ:SITO closed at $2.32 per share.
Those who purchased NASDAQ:SITO shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com