SAN DIEGO and BELLEVUE, Wash., May 14, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Blucora, Inc. (NASDAQGS: BCOR) has filed a federal securities fraud class action complaint in the U.S. District Court for the Western District of Washington at Seattle. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between November 5, 2013 and February 20, 2014 (the "Class Period"). Blucora operates a portfolio of internet search, tax preparation, and e-commerce businesses worldwide.
Blucora Accused of Misrepresenting Business Practices
According to the complaint, shares of Blucora fell multiple times beginning with an initial decline of $2.00, or more than 8%, to close at $21.70 per share on February 18, 2014, following a report by Gotham City Research LLC that alleged an imminent decline in the company's relationship and subsequent revenue from Google while also disclosing that at least half of Blucora's internet traffic is derived from suspect sources including malware, click fraud, and illicit traffic. Shortly thereafter, on February 21, 2014, Blucora's shares fell an additional $1.77 per share, or over 8%, to close at $19.80, following the company's disclosure that it had only partially renewed its Google Services Agreement and that it would no longer display ads for search traffic originating from mobile and tablet devices.
The complaint further alleges that Blucora made false and misleading statements regarding the company's relationship with Google and nature of its web properties.
Blucora Shareholders Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo LLP
If you invested in Blucora and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the information form on the firm's shareholder rights blog: www.robbinsarroyo.com/shareholders-rights-blog/blucora-inc
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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SOURCE Robbins Arroyo LLP