STEVENSON, Md., Sept. 27, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Rocket Fuel Inc. ("Rocket Fuel" or the "Company") (Nasdaq: FUEL ) common stock 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").
If you have suffered a loss from investment in Rocket Fuel common stock purchased on or after September 20, 2013 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 3, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period. Brower Piven also encourages anyone with information regarding Rocket Fuel's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose in the Offering Documents and/or during the Class Period that a large percentage of the ads Rocket Fuel brokered were being "viewed" by automated fraudulent computer programs the Company could not identify and eliminate rather than people such that the Company's operations and financial performance were in jeopardy. According to the complaint, following the Company's August 5, 2014 announcement that it expected 2014 revenue to be substantially lower than its forecast, following a Wall Street Journal article on that same day the Company's lowering of its full-year revenue guidance, and following George John's comments during a conference call with investors on that same date during which he suggested that fraudulent traffic is an industry-wide phenomena that was not well understood and expressed surprise at the extent to which industry trends, including "bot traffic and low-quality ad space on digital exchanges," the value of Rocket Fuel shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616
