A lawsuit was filed on behalf of investors in QuinStreet, Inc. (NASDAQ: QNST) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/08/2018 -- An investor, who purchased shares of QuinStreet, Inc. (NASDAQ: QNST), filed a lawsuit alleged Securities Laws violations by QuinStreet, Inc..
Investors who purchased shares of QuinStreet, Inc. (NASDAQ: QNST) should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Foster City, CA based QuinStreet, Inc., an Internet performance marketing and media company, provides customer acquisition services for its clients in the United States and internationally. QuinStreet, Inc. reported that its Total Revenue rose from $297.7 million for the 12 months period that ended on June 30, 2016 to $299.78 million for the 12 months period that ended on June 30, 2017 and that its Net Loss for those time period declined from $19.42 million to $12.2 million. Shares of QuinStreet, Inc. (NASDAQ: QNST) grew from $2.65 per share in March 2017 to as high as $13.87 per share in February 2018.
On April 11, 2018, Kerrisdale Capital published a report asserting that QuinStreet's revenue growth is a "sham" and mainly the result of "malware redirects [and] bogus leads from web surfers trying to score [online currency.]" Shares of QuinStreet, Inc. (NASDAQ: QNST) declined on April 11, 2018 to $9.76 per share.
According to the complaint the plaintiff alleges on behalf of purchasers of QuinStreet, Inc. (NASDAQ: QNST) common shares between February 10, 2016 and April 10, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 10, 2016 and April 10, 2018, the defendants made false and/or misleading statements and/or failed to disclose that QuinStreet recklessly disregarded the occurrence of click-through fraud, that QuinStreet-owned websites experienced phony, low quality traffic for its clients, that QuinStreet's practices were not geared toward providing its clients with valuable customers or high-quality leads or clicks, and that as a result, Defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Those who purchased shares of QuinStreet, Inc. (NASDAQ: QNST) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego