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SOURCE Ryan & Maniskas, LLP
WAYNE, Pa., May 23, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Western District of Washington on behalf of all purchasers of the securities of Blucora, Inc. ("Blucora" or the "Company") (NASDAQ: BCOR) between November 5, 2013, and February 20, 2014, inclusive (the "Class Period").
Blucora shareholders may, no later than July 14, 2014, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Blucora and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/bcor. You may also email Mr. Maniskas at email@example.com.
The complaint alleges that throughout the Class Period, defendants misrepresented and/or failed to disclose that: (1) Blucora's main web properties were tied to malware, viruses and browser hijackers that attack computers, (2) Blucora's search volumes had been boosted due to a rise in illicit search traffic, and (3) a significant portion of the Company's traffic was derived from malware, illicit traffic, pirated content and click fraud. The Company concealed the fact that their relationship with Google was damaged and that Google was unlikely to renew its contract with Blucora on the same terms as its prior agreement.
On February 18, 2014, Seeking Alpha published a research report authored by Gotham City Research LLC which claimed that Blucora would lose over 60% of its revenue in coming quarters as "Google realizes it is better off without [Blucora]," that at least half of the Company's traffic "is derived from malware, click fraud, illicit traffic (e.g. child pornography), and otherwise suspect traffic," and that the Company "is likely to receive scrutiny from Google as well as advertisers, and regulatory agencies." On this news, the price of Blucora shares fell $2.00, or 8.44%, from a closing price of $23.70 on February 14, 2014, to close at $21.70 per share on February 18, 2014.
After the market closed on February 20, 2014, the Company announced that InfoSpace LLC, a subsidiary of Blucora, had only partially renewed its Google Services Agreement. The Company disclosed that, under the new agreement, InfoSpace will no longer display advertisements provided by Google's AdSense for Search for search traffic that originates from mobile and tablet devices.
On this additional news, the price of Blucora shares dropped $1.77, or 8.2%, from a closing price of $21.57 on February 20, 2014, to close at $19.80 per share on February 21, 2014.
If you are a member of the class, you may, no later than July 14, 2014, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
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