NEW YORK, Oct. 10, 2014 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Rocket Fuel Inc.("Rocket Fuel" or the "Company") (Nasdaq:FUEL) of the November 3, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Rocket Fuel, certain executives, and the underwriters of the Company's initial public offering.
A complaint has been filed in the Northern District of California on behalf of all persons who purchased Rocket Fuel common stock between September 20, 2013 through August 5, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, Rocket Fuel made false and/or misleading statements and/or failed to disclose that: (i) a large number of the ads Rocket Fuel brokered were being viewed by automated, fraudulent computer programs; (ii) the Company's revenue growth had been negatively impacted because of its inability to identify and eliminate bot traffic for its customers; (iii) Rocket Fuel was aware that it would miss Wall Street consensus estimates for the quarter due to, among other things, concern from customers about inventory quality; and (iv) the February 2014 Secondary Offering had been designed to allow Company insiders to sell their shares at artificially inflated prices.
On August 5, 2014, Rocket Fuel disclosed that it expected Fiscal Year 2014 revenue of $403 million to $427 million, compared to its forecast of $420 million to $435 million and that there were recent customer concerns about inventory quality.
Following this news, the price of Rocket Fuel stock declined by $7.70, or over 31%, to close at $17.05 on August 6, 2014.
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Take Action
If you invested in Rocket Fuel stock or options between September 20, 2013 through August 5, 2014, and would like to discuss your legal rights, visit www.faruqilaw.com/FUEL. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Rocket Fuel's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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