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Velti plunges to $1, delinquent payments may total $30M

  • VentureBeat has followed up on its Wednesday report about cash-strapped Velti's (VELT -9%) delinquent payments to app developers using its Mobclix mobile ad network with a column that notes a developer in touch with collection agencies thinks Velti owes ~$30M, and that he and his peers might try to collect via a class-action suit.
  • The developer: "Mobclix owes us pay from last October, and their last payment was in April."
  • Velti calls the $30M figure "completely inaccurate," but adds it can't provide more detail because its Q2 report is due later this month.
  • Velti's contracts with developers give it 90 days to make ad revenue-sharing payments. VentureBeat observes a Q1 6-K indicated Velti had accrued 3rd-party costs of $56.5M, much of which involves money owed by Mobclix.
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