Veritone, Inc. Class Action Lawsuit - VERI

Company: Veritone, Inc.

Ticker: (NASDAQ) VERI

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Lead Plaintiff Deadline: July 20, 2026

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Certification of Plaintiff Pursuant to Federal Securities Laws

I, duly certify and say, as to the claims asserted under the federal securities laws, that:

1. I have reviewed a complaint filed in the action.

2. I did not purchase the security that is the subject of this action at the direction of plaintiff's counsel or in order to participate in this action.

3. I am willing to serve as a representative party on behalf of the class, including providing testimony at deposition and trial, if necessary.

4. My transaction(s) in Veritone, Inc. which are the subject of this litigation during the class period set forth in the complaint are set forth in the chart attached hereto.

5. Within the last 3 years,



6. I will not accept any payment for serving as a representative party on behalf of the class beyond the Plaintiff's pro rata share of any recovery, except as ordered or approved by the court, including any award for reasonable costs and expenses (including lost wages) directly relating to the representation of the class.

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Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

By your signature above, you confirm that have retained Levi & Korsinsky, LLP to represent you and the shareholder class as a lead plaintiff in the pending class action against Veritone, Inc. This representation will be on a contingency basis, meaning that Levi & Korsinsky will advance all expenses in the litigation and will only seek compensation and/or reimbursement of expenses if the firm obtains a recovery. Regardless of the result, we will never ask you to directly pay for any attorneys’ fees, expenses, or costs. Should we obtain a favorable result, we may ask the court to award us compensation and reimbursement of expenses to be paid by the defendants or as a portion of any class recovery. In exchange for our representation, you agree to cooperate as our client by providing, for example, relevant documents and deposition testimony, if necessary. During the course of this litigation, we may employ and/or work with other law firms, experts, and third-parties to successfully prosecute this action. If you are not appointed as the lead plaintiff or Levi & Korsinsky is not appointed as lead counsel, we will notify you of such decision at which time this representation will end unless otherwise extended by you and the firm. We look forward to working with you towards a successful resolution of this action.

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Class Period

Begins

14

Oct 2025

Ends

14

Apr 2026

October 14, 2025 - April 14, 2026

Allegations

The filed complaint alleges that Veritone, Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) the Company inaccurately recorded and/or misclassified certain revenue and costs; (2) as a result, the Company overstated its revenue, assets, accounts receivable, royalties and other comprehensive income; (3) Veritone maintained deficient internal controls over accounting and financial reporting; (4) as a result of the foregoing, the Company would be forced to restate certain of its financial statements, and (5) as a result, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Eligibility

In order to be eligible to join the VERI class action lawsuit, you must have incurred a loss on shares of Veritone, Inc. purchased during the class period listed above.

Lead Plaintiff Deadline

If you suffered a loss in Veritone, Inc. during the relevant time frame, you have until July 20, 2026 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Veritone, Inc.Class Action Lawsuit Details

VERI Class Action Summary

Company

Veritone, Inc. (NASDAQ: VERI)

Lead Plaintiff Deadline

July 20, 2026

Class Period

October 14, 2025 – April 14, 2026

Stock Drop

March 27, 2026 – VERI fell $0.77 (29.5%) to $1.84; April 1, 2026 – VERI fell $0.18 (9.14%) to $1.79; April 15, 2026 – VERI fell $0.19 (8.3%) to $2.09

Lawsuit Type

Securities Class Action

Introduction

A securities class action lawsuit has been filed against Veritone, Inc. (NASDAQ: VERI), its CEO Ryan Steelberg, and its CFO Michael L. Zemetra on behalf of investors who purchased or acquired Veritone securities between October 14, 2025 and April 14, 2026. The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements about the Company's financial results, failing to disclose that Veritone had inaccurately recorded and misclassified certain revenue and costs, overstating revenue, assets, accounts receivable, and other comprehensive income. A series of disclosures beginning in March 2026 revealed that the Company was unable to finalize its accounting for certain revenue transactions under ASC 606, ultimately culminating in an announcement that Veritone's previously issued financial statements for the third quarter of 2025 should no longer be relied upon and would need to be restated. Following these alleged revelations, VERI shares declined significantly, including a single-day drop of 29.5% on March 27, 2026.

Company Profile

Veritone, Inc. is an artificial intelligence computing solutions and services company headquartered in Irvine, California. The Company's platform, aiWARE, powers its software products and services as well as managed services offerings, which the complaint describes as serving both commercial and public sector customers with solutions including data refinery, digital media hub, and redaction technology.

Class Period

October 14, 2025 – April 14, 2026

Investors who purchased or acquired Veritone, Inc. (VERI) securities during the Class Period may be entitled to seek recovery under the federal securities laws.

Allegations

The complaint alleges that Veritone and its senior executives presented a picture of strong financial performance and accelerating growth throughout the Class Period while concealing fundamental accounting deficiencies. Beginning on October 14, 2025, the Company issued preliminary third-quarter 2025 results touting revenue between $28.5 million and $28.7 million, a 30.5% year-over-year increase, along with nearly $40 million in qualified bookings and pipeline for its Veritone Data Refinery product. CEO Ryan Steelberg publicly stated the Company was "executing at a high level" and "on track to reach profitability by the latter part of 2026." These representations were incorporated into SEC filings, including a Form 8-K, a Prospectus filed on Form 424B5, and the Company's quarterly report on Form 10-Q for the period ended September 30, 2025.

According to the complaint, the third-quarter 2025 financial results reported by Veritone were materially overstated. The Company's 10-Q affirmed revenue of $29.1 million and reported detailed financial metrics including gross profit, contract liabilities, and asset figures. The filing also addressed previously disclosed material weaknesses in internal controls over financial reporting, including deficiencies in the consolidation process and the information and communication process used for financial reporting. The complaint alleges that despite acknowledging these existing material weaknesses, Veritone assured investors the weaknesses "did not result in any identified material misstatements to the financial statements" and that the Company was "committed to maintaining a strong control environment." On November 10, 2025, the Company issued an additional press release clarifying third-quarter expenses, further reaffirming the reported financial figures.

Plaintiffs allege these statements were materially false and misleading because, throughout this period, Veritone had inaccurately recorded and misclassified certain revenue and costs, including errors in the valuation of consideration received from non-monetary software transactions and the misclassification of revenue from transactions where the Company acted as an agent under ASC 606. The complaint alleges defendants knew or recklessly disregarded that the Company's internal controls were so deficient that the reported financial statements could not be relied upon, yet continued to present them to investors as accurate, including by incorporating the preliminary financial results by reference into a Prospectus filed on Form 424B5 with the SEC.

The Truth Emerges

The first indication of problems surfaced on March 26, 2026, when Veritone issued a press release disclosing only a wide range of expected fourth-quarter 2025 revenue, between $18.1 million and $30.0 million, because it was "currently finalizing its accounting determination of certain revenue transactions under ASC 606." The Company revealed it was reviewing a non-monetary transaction involving an on-premise software license exchanged for intangible rights with a negotiated price of $13.0 million in the fourth quarter of 2025, but an estimated standalone selling price of just $0.4 million to $11.3 million, as well as a second on-premise software sale with an estimated fair value of $1.8 million to $2.8 million.

The situation deteriorated on April 1, 2026, when Veritone filed a Form NT 10-K disclosing it was unable to file its annual report on time, citing delays in finalizing accounting for "certain barter revenue transactions under ASC 606." The filing warned that ongoing analysis could result in a revenue reduction of $1.5 million to $2.5 million, or 5.2% to 8.6%, of the $29.1 million previously reported for the third quarter of 2025, and that previously issued financial statements for the second and third quarters of 2025 might need to be revised or restated. Additional details emerged on April 14, 2026, when a Form 8-K disclosed that Veritone’s previously issued financial statements for the three and nine months ended September 30, 2025 “should no longer be relied upon.”

The filing detailed multiple errors: an approximately $2.2 million revenue overstatement from an error in valuing consideration received in a non-monetary software transaction; approximately $0.9 million in additional revenue overstatements from recognizing revenue before meeting required criteria under ASC 606 and clerical billing errors; misclassification of revenue and costs in transactions where Veritone acted as agent rather than principal; and a $1.5 million overstatement of accumulated other comprehensive income related to foreign currency translation errors.

Market Reaction

Veritone’s stock price suffered a series of steep declines following the accounting-related disclosures alleged in the complaint. On March 27, 2026, following the disclosure of the wide revenue range and ASC 606 accounting review, VERI fell $0.77, or 29.5%, to close at $1.84 per share on unusually heavy trading volume. The stock dropped further on April 1, 2026, declining $0.18, or 9.14%, to close at $1.79 per share after the Company disclosed it could not file its annual report on time and flagged potential restatements of prior quarters. On April 15, 2026, following the formal announcement that the third-quarter 2025 financial statements should no longer be relied upon, VERI fell an additional $0.19, or 8.3%, to close at $2.09 per share. The cumulative impact was severe: VERI had reached a Class Period high of $8.39 on October 15, 2025, and closed as low as $1.79 during the disclosure period, representing a decline of approximately 79% from its peak.

Next Steps

●      Lead Plaintiff Deadline: July 20, 2026

●      After the lead plaintiff deadline, the Court will consider any lead plaintiff motions.

●    Defendants may file a motion to dismiss.

●      If the case proceeds, the Court may later consider class certification.

Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. No specific outcomes are guaranteed.