The litigation centers on a period between October 14, 2025, and April 14, 2026. According to the complaint filed by The Law Offices of Frank R. Cruz, the company allegedly misclassified revenue and costs, leading to an overstatement of assets, royalties, and accounts receivable. These accounting discrepancies suggest that Veritone maintained inadequate internal controls over its financial reporting.

Because of these issues, the company now faces the prospect of restating past financial statements. The lawsuit claims that executives issued materially misleading statements concerning the firm's operations and fiscal stability during the specified window. Investors who held shares during this timeframe are not required to take immediate action to remain part of the class, though they may choose to contact the firm directly to discuss their legal standing and potential participation in the suit.