Robbins Geller Rudman & Dowd LLP Files Class Action Suit against ValueClick
NEW YORK -- September 24, 2013
Robbins Geller Rudman & Dowd LLP (“Robbins Geller”)
(http://www.rgrdlaw.com/cases/valueclickinc/) today announced that a class
action has been commenced in the United States District Court for the Central
District of California on behalf of purchasers of ValueClick, Inc.
(“ValueClick”) (NASDAQ:VCLK) common stock during the period between February
14, 2013 and August 1, 2013 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than
60 days from today. If you wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact plaintiff’s
counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at
800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a
member of this class, you can view a copy of the complaint as filed or join
this class action online at http://www.rgrdlaw.com/cases/valueclickinc/. Any
member of the putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and remain an
absent class member.
The complaint charges ValueClick and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. ValueClick is an
online advertising company, which provides online advertising campaigns and
programs for advertisers and advertising agency customers in the United States
and internationally. ValueClick has three operating segments: Media, Affiliate
Marketing and Owned & Operated Websites.
The complaint alleges that during the Class Period, defendants issued
materially false and misleading statements about ValueClick’s business and
prospects. Specifically, defendants failed to disclose and/or misrepresented
adverse facts, including that ValueClick was not effectively integrating
certain of its acquisitions, that ValueClick had failed to adequately record
impairment of a note receivable, and that persistent operational weakness in
ValueClick’s European operations and sales were weighing down revenue growth.
On August 1, 2013, after the close of trading, ValueClick issued a press
release announcing its second quarter 2013 financial results for the quarter
ended June 30, 2013. Instead of the high single-digit sales growth defendants
had stated ValueClick was on track to deliver on May 7, 2013, ValueClick
reported flat Media sales in the second quarter of 2013. Instead of the
adjusted earnings of between $0.38 and $0.40 per share on revenues in the
range of $164 to $175.3 million ValueClick had stated it was on track to
achieve on May 7, 2013, ValueClick reported adjusted earnings of $0.39 per
share on revenues of just $159.8 million. On this news, the price of
ValueClick common stock, which had traded as high as $32.25 per share in
intraday trading during the Class Period, declined more than 33% from that
level to close at $21.37 per share on August 2, 2013.
Plaintiff seeks to recover damages on behalf of all purchasers of ValueClick
common stock during the Class Period (the “Class”). The plaintiff is
represented by Robbins Geller, which has expertise in prosecuting investor
class actions and extensive experience in actions involving financial fraud.
Robbins Geller represents U.S. and international institutional investors in
contingency-based securities and corporate litigation. With nearly 200 lawyers
in nine offices, the firm represents hundreds of public and multi-employer
pension funds with combined assets under management in excess of $2 trillion.
The firm has obtained many of the largest recoveries and has been ranked
number one in the number of shareholder class action recoveries in MSCI’s Top
SCAS 50 every year since 2003. Please visit http://www.rgrdlaw.com for more
Robbins Geller Rudman & Dowd LLP
Samuel H. Rudman, 800-449-4900
David A. Rosenfeld
Press spacebar to pause and continue. Press esc to stop.