NEW YORK--(EON: Enhanced Online News)--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 email@example.com. 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 information.