NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky announces it has commenced an investigation of SITO Mobile, Ltd. (NASDAQ:SITO) (“SITO”) concerning possible violations of federal securities laws by the Company and/or certain of its officers and directors.
On January 3, 2017, announced SITO announced disappointing quarterly revenue results for its preliminary media placement for the quarter ending December 31, 2016. SITO 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.” These disappointing results came aver repeatedly positive statements were made regarding the Company’s outlook. 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. Following this news, shares of SITO fell 32 percent on January 3, 2017. To obtain additional information, go to:
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