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

|By:, SA News Editor

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.