An investigation on behalf of investors in Rocket Fuel Inc (NASDAQ:FUEL) shares over potential wrongdoing at Rocket Fuel was announced and NASDAQ:FUEL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/17/2016 -- Certain directors of Rocket Fuel are under investigation over potential wrongdoing. The investigation was announced for shareholders in Rocket Fuel Inc was announced over potential breaches of fiduciary duties by certain Rocket Fuel directors.
Shares of Rocket Fuel Inc (NASDAQ:FUEL) declined from $66.43 per share in October 2013 to as low as $2.80 per share in December 2015, respectively $2.61 per share on February 11, 2016.
Investors who purchased shares of Rocket Fuel Inc (NASDAQ:FUEL) have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The investigation by a law firm concerns whether certain Rocket Fuel Inc (NASDAQ:FUEL officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
In September 2014 a lawsuit was filed against Rocket Fuel Inc over alleged securities laws violations. The plaintiff alleged that that Rocket Fuel allegedly failed to inform investors that defendants' alleged misrepresentations between September 20, 2013 and August 5, 2014concerning the Company'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 the Company's operations and financial performance were in jeopardy, that between September 20, 2013 and August 5, 2014, Rocket Fuel'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, the Company 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 Company insiders to unload their shares at artificially inflated prices.
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.
Those who purchased shares of Rocket Fuel Inc (NASDAQ:FUEL), have certain options and should contact the Shareholders Foundation.
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