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QuinStreet Inc (NASDAQ: QNST) Investor Securities Class Action Lawsuit 04/27/2018

  • If you purchased shares of QuinStreet Inc (NASDAQ: QNST), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
QuinStreet, Inc.
Security
NASDAQ: QNST

Case Name
QuinStreet Shareholder Class Action Lawsuit 04/27/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

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Summary

December 4, 2018 - The case was voluntarily dismissed.

April 27, 2018 - An investor in shares of QuinStreet Inc (NASDAQ: QNST) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by QuinStreet Inc in connection with certain allegedly false and misleading statements made between February 10, 2016 and April 10, 2018.

Foster City, CA based QuinStreet Inc, an Internet performance marketing and media company, provides customer acquisition services for its clients in the United States and internationally. QuinStreet Inc reported that its Total Revenue rose from $297.7 million for the 12 months period that ended on June 30, 2016 to $299.78 million for the 12 months period that ended on June 30, 2017 and that its Net Loss for those time period declined from $19.42 million to $12.2 million. Shares of QuinStreet Inc (NASDAQ: QNST) grew from $2.65 per share in March 2017 to as high as $13.87 per share in February 2018.

On April 11, 2018, Kerrisdale Capital published a report asserting that QuinStreet Inc’s revenue growth is a “sham” and mainly the result of “malware redirects [and] bogus leads from web surfers trying to score [online currency.]” Shares of QuinStreet Inc (NASDAQ: QNST) declined on April 11, 2018 to $9.76 per share.

According to the complaint the plaintiff alleges on behalf of purchasers of QuinStreet Inc (NASDAQ: QNST) common shares between February 10, 2016 and April 10, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 10, 2016 and April 10, 2018, the defendants made false and/or misleading statements and/or failed to disclose that QuinStreet Inc recklessly disregarded the occurrence of click-through fraud, that QuinStreet-owned websites experienced phony, low quality traffic for its clients, that QuinStreet Inc’s practices were not geared toward providing its clients with valuable customers or high-quality leads or clicks, and that as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.