According to the law firm press release, 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.
On December 23, 2013, the Plaintiff filed a Notice voluntarily dismissing this case.