NEW YORK, Aug. 9, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Connecture, Inc. ("Connecture" or the "Company") (NASDAQ: CNXR). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Connecture and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On May 9, 2016, Connecture reiterated the Company's full year 2016 guidance for total revenues to be in the range of $100.0 million to $110.0 million. Then, on August 8, 2016, Connecture lowered its full year 2016 guidance for total revenues to be in the range of $85.0 million to $88.0 million. The Company attributed the lowered full year 2016 guidance primarily to: (1) year-to-date revenue results being below Connecture's initial expectations; (2) reduced revenue expectations in Connecture's Private Exchange business for the remainder of the year due to slower customer adoption of its solutions than originally anticipated; (3) the impact of certain of Connecture's Enterprise/Commercial customers transitioning from maintenance of their existing platforms to upgrades to the Company's newest platform; and (4) the impact of Connecture's decision to reduce its focus on the State/Medicaid opportunity.
On this news, Connecture's stock price fell $0.78, or 30.71%, to close at $1.76 on August 9, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP