NEW YORK, Sept. 5, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons who purchased or otherwise acquired the securities of Rocket Fuel Inc. ("Rocket Fuel" or the "Company") (Nasdaq:FUEL) during the period between September 20, 2013 and August 5, 2014, inclusive (the "Class Period"), including those who purchased shares in the Company's initial public offering pursuant to the Registration Statement and Prospectuses ("Offering Documents"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that the Company and certain of its officers and directors misstated and/or failed to disclose that: (i) a large portion of the advertisements Rocket Fuel brokered were being "viewed" by automated fraudulent computer programs as opposed to people, which placed the Company's operations and financial performance in jeopardy; (ii) the Company's revenue growth was adversely impacted due to its inability to identify and eliminate such fraudulent views; and (iii) the Company knew no later than the beginning of February 2014 that its financial performance would not meet Wall Street expectations for the quarter due to, among other things, customer concerns about inventory quality. The Complaint alleges that when this adverse information entered the market the price of Rocket Fuel dropped, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than November 3, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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Source:Gainey McKenna& Egleston