The Shareholders Foundation announces that an investor, who purchased shares of Blucora Inc (NASDAQ:BCOR), filed a lawsuit in the U.S. District Court for the Western District of Washington over alleged violations of Federal Securities Laws by Blucora Inc in connection with certain allegedly false and misleading statements made between November 5, 2013, and February 20, 2014
Investors who purchased shares Blucora Inc (NASDAQ:BCOR) have certain options and for certain investors are short and strict deadlines running. Deadline: July 14, 2014. NASDAQ:BCOR investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Blucora Inc (NASDAQ:BCOR) between November 5, 2013, and February 20, 2014, that the defendants violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff claims that that defendants allegedly misrepresented and/or failed to disclose that Blucora Inc’s main web properties were tied to malware, viruses and browser hijackers that attack computers, that Blucora Inc’s search volumes had been boosted due to a rise in illicit search traffic, that a significant portion of the Company’s traffic was derived from malware, illicit traffic, pirated content and/or click fraud, including, involuntary clicks, artificial clicks and illicit clicks, and that Blucora Inc’s relationship with Google was impaired and Google was unlikely to renew its contract with the Company on the same terms as its prior agreement.
Blucora Inc reported that its annual Total Revenue rose from $207.65 million in 2009 to $406.92 million in 2012 and that its respective Net Income increased from $7.40 million to $22.53 million. Shares of Blucora Inc (NASDAQ:BCOR) grew from $5.28 per share in March 2009 to as high as $29.82 per share in November 2013. Since then NASDAQ:BCOR shares declined to $23.81 per share on February 14, 2014.
Then on February 18, 2014 a report was published alleging among other things that Blucora Inc’s main web properties are tied to malware, viruses and browser hijackers that attack computers, that Blucora Inc’s search volumes experienced a significant boost in recent quarters, due to a rise in illicit search traffic (Including child-pornography related searches), and that at least 50% of Blucora Inc’s traffic is derived from malware, click fraud, illicit traffic, and otherwise suspect traffic.
Shares of Blucora Inc declined from $29.52 per share in late December 2013 to as low as $16.94 per share on May 2, 2014.
On June 2, 2014, NASDAQ:BCOR shares closed at $18.79 per share.
Those who purchased shares of Blucora Inc (NASDAQ:BCOR) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com