January 13, 2017 (Shareholders Foundation) - An investigation on behalf of investors of Sito Mobile Ltd (NASDAQ:SITO) shares over potential securities laws violations by Sito Mobile and certain of its directors and officers in connection certain financial statements was announced.

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 a series of 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 years U.S. election. The Companys CEO, Jerry Hug, said We clearly underestimated the effects of this years 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 13, 2017, NASDAQ:SITO closed at $2.36 per share.