Veritone faces class action over alleged accounting misstatements

Veritone Inc. faces at least four securities class action lawsuits alleging the AI computing company misclassified revenue and costs, leading to overstated financial results.

"The Company inaccurately recorded and/or misclassified certain revenue and costs," the Rosen Law Firm said in a July 5 filing. "As a result, Veritone overstated its revenue, assets, accounts receivable, royalties and other comprehensive income."

The lawsuits cover investors who purchased Veritone securities between Oct. 14, 2025 and April 14, 2026. The lead plaintiff deadline is July 20, 2026. Rosen Law Firm, Schall Law Firm, the Law Offices of Howard G. Smith, and Robbins LLP have all filed or announced actions.

According to the complaints, Veritone maintained deficient internal controls over accounting and financial reporting. The company would be forced to restate certain financial statements as a result of the misclassifications, the lawsuits allege. Defendants' positive statements about Veritone's business, operations, and prospects were materially misleading and lacked a reasonable basis, according to the filings.

Veritone provides artificial intelligence computing solutions and services. The company's shares trade on the Nasdaq under the ticker VERI. The lawsuits seek unspecified damages for investors who bought shares during the eight-month class period.

The class action suits represent a significant legal overhang for Veritone. Investors will watch for the company's response and any restatement of financial results in the coming weeks.