Increasing likelihood of Syria attack sends stocks into retreat

Greek stocks came under stronger pressure on Tuesday, as the increased likelihood of an attack on Syria added to investment risks in the region. The mood was also subdued elsewhere in Europe and prospects on the internal economic front did not appear any rosier.The Athens Exchange (ATHEX) general index tumbled 4.08 percent to 881.35 points. All 25 large-caps ended with losses, with the banking ...

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Syria: US Asks Greece for Military Base Access

IBTimes.co.ukSyria: US Asks Greece for Military Base AccessIBTimes.co.ukWashington has asked Greece for permission to use its military bases in Kalamata and Souda for a possible strike on Syria over the alleged use of toxic gas in Ghouta on the eastern outskirts of Damascus. The two bases in Peloponnesus and on Crete would ...Greek Exports Post Worst Performance in Three YearsGreek ReporterMideast: US sees Greek role in possible Syria strikeANSAmedall 3 news articles »

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Merkel Says SPD’s Schroeder to Blame for Letting Greece in Euro

German Chancellor Angela Merkel sought to pin the blame for the euro’s debt turmoil on her Social Democratic predecessor Gerhard Schroeder, saying he should never have let Greece into the single currency area. Merkel, addressing a campaign ...

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Samaras: Greece a regional ëbastion of securityí

Samaras: Greece a regional ëbastion of securityíKathimeriniAs speculation builds about a likely US strike against Syria in the coming days, Prime Minister Antonis Samaras on Tuesday met with President Karolos Papoulias for talks that reportedly focused on Greeceís possible role in a US-led military ...40000 small businesses in Greece face closure despite bank rescueThe IndependentSamaras: Greece is a bastion of stability in a region in flamesEnetEnglishAnother 40000 Greek Stores ShutteringGreek ReporterAsbury Park Pressall 9 news articles »

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'Germany must give Greece more help'

The Local.de'Germany must give Greece more help'The Local.deGreece's shaky finances and to what extent Germany is responsible for them, finally entered the election campaign last week when Finance Minister Wolfgang Schäuble admitted the country would need another rescue package from 2014, seen as marking a ...Merkel Says SPD's Schroeder to Blame for Letting Greece in EuroBloombergGreece speeds up German campaignEurope Online MagazineGermany must pay for euro, Merkelís SPD challenger saysKathimeriniall 30 news articles »

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Lawsuit Alleges Mobile Ad Company Velti Misled Investors About Payments From Europe (VELT)

Fresh off last week's news of a dismal second quarter, investors slapped the mobile ad tech firm Velti with a class-action lawsuit saying the company misled shareholders by claiming for more than two years it could recover money owed by customers in Greece and Cyprus.

Velti announced in an earnings report Aug. 20 that it was taking a write-down of $111 million to reflect its inability to recover these payments. The disclosure sent the company's stock price tumbling from $1 to $0.34 per share over the course of one day. Q2 revenue was .2 million, a decrease of 47 percent.

The suit, filed last week in the Northern District of California, is the latest black eye for one of the biggest companies in the mobile ad world. In May, Velti laid off about 200 of its 1,125 employees. Earlier this month, app developers were saying Velti owed them money in exchange for allowing the company to sell their inventory on its Mobclix exchange. 

The investor suit targets Velti and three current and former executives: CEO Alex Moukas, CFO Jeffrey G. Ross, and former CFO Wilson W. Cheung.

The woman who filed the complaint, Anika R. Rieckborn, alleges that prior to the write-down, the company had willfully failed to disclose the issues it was having collecting money it was owed, dating back to the prospectus the company issued prior to its January 2011 initial public offering. Rieckborn claims that even when probed by an analyst during a May 2012 conference call, Cheung failed to alert investors that the money was uncollectable.

The suit was filed on behalf of all people who held Velti stock between Jan. 27, 2011 and Aug. 20, 2013, a proposed class Rieckborn says numbers in either the hundreds or the thousands.

Velti did not immediately respond to Business Insider's request for comment.

SEE ALSO: GM is buying Super Bowl ads again

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Pregnant Romanian Forced Into Prostitution

A 28-year-old pregnant woman from Romania told Greek police she was forced to prostitute herself by human traffickers in Thessalia and made to have sex with a number of men despite her condition. The young woman's story began in June when authorities said two Romanian men, taking advantage of her adverse financial situation and claiming that they would find her a job, convinced her to come ...

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