NEW YORK (TheStreet) -- Shares of Rocket Fuel Inc. (FUEL) closed down 5.27% to $14.55 on very heavy trading volume after law firm Milberg LLP announced the filing of a lawsuit on behalf of purchasers of the company stock, alleging the company and certain of its officers violated federal securities laws by circulating false and misleading statements to the investing public.
The complaint, on behalf of shareholders during the period of September 20, 2013 and August 5, 2014, filed at the District Court of Northern California, alleges a portion of advertisements for the artificial intelligence advertising solutions company were being "viewed" by automated fraudulent, computer programs instead of people.
As a result, the suit claims the company's operations and financial performance suffered and its revenue growth was negatively impacted.
FUEL data by YCharts
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