Rocket Fuel Inc (NASDAQ: FUEL) Investor Securities Class Action Lawsuit 09/03/2014

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Company Name(s): 
Rocket Fuel
Case Name: 
Rocket Fuel Shareholder Class Action Lawsuit 09/03/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
Date Settled: 
Settlement Amount: 
Deadline to Participate in Settlement: 
Settlement Notice: 
Settlement Proof: 

June 5, 2017 - The court preliminarily approved the settlement.

April 25, 2017 - Parties filed a stipulation of settlement.

December 23, 2015 - The court granted in part and denied in part defendants' motions to dismiss.

April 13, 2015 - Defendants filed motions to dismiss.

February 27, 2015 - The lead plaintiff filed an amended consolidated complaint.

December 15, 2014 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

November 3, 2014 - Lead plaintiff motions were filed.

September 3, 2014 - An investor in shares of Rocket Fuel Inc (NASDAQ: FUEL) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Rocket Fuel Inc in connection with certain allegedly false and misleading statements made between September 20, 2013 and August 5, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Rocket Fuel Inc (NASDAQ: FUEL) common shares between September 20, 2013 and August 5, 2014, that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934.

More specifically, the plaintiff alleges that Rocket Fuel Inc allegedly failed to inform investors that defendants' alleged misrepresentations between September 20, 2013 and August 5, 2014 concerning Rocket Fuel Inc's then financial and business condition, including its forecasted financial and business condition as alleged herein, were each allegedly materially false and misleading when made because defendants knew, or were reckless in not knowing, that a large percentage of the ads Rocket Fuel Inc brokered were being "viewed" by automated fraudulent computer programs, rather than real people, such that Rocket Fuel Inc's operations and financial performance were in jeopardy, that between September 20, 2013 and August 5, 2014, Rocket Fuel Inc's revenue growth was negatively impacted due to its inability to identify and eliminate bot traffic for its customers, that no later than the beginning of February 2014, Rocket Fuel Inc knew that it would miss Wall Street consensus estimates for the quarter due to, among other things, customer concern about inventory quality, and that the Secondary Offering was designed to enable Rocket Fuel Inc insiders to unload their shares at artificially inflated prices.

On May 8, 2014, Rocket Fuel Inc announced its fourth quarter and fiscal year 2013 financial results. Rocket Fuel Inc reported that its annual Total Revenue rose from $106.59 million in 2012 to $240.60 million in 2013 while its respective Net Loss increased from $10.34 million to $20.93 million.

Among other things, Rocket Fuel Inc also issued its business outlook for its fiscal year 2014. Rocket Fuel Inc said that it expects revenue in the range of $420.0 million to $435.0 million. Shares of Rocket Fuel Inc (NASDAQ: FUEL) grew from $21.14 per share on May 12, 2014, to $31.09 per share on June 30, 2014.

Then on August 5, 2014, Rocket Fuel Inc announced its second quarter 2014 financial results. Among other things, Rocket Fuel Inc lowered its full year guidance. Rocket Fuel Inc announced that it expected 2014 revenue of $403 million to $427 million, down from its forecast of $420 million to $435 million. Shares of Rocket Fuel Inc (NASDAQ: FUEL) declined from $26.84 per share on August 5, 2014, to $16.50 per share on August 8, 2014 and continued to decline to as low as $14.29 per share on August 22, 2014.

On September 3, 2014, Rocket Fuel Inc (NASDAQ: FUEL) shares closed at $15.92 per share.