NEW YORK, May 15, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston 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 persons who purchased or otherwise acquired the securities of Blucora, Inc. ("Blucora" or the "Company") (Nasdaq:BCOR) during the period from November 5, 2013, and February 20, 2014 (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
The Complaint alleges that throughout the Class Period Defendants issued false and/or misleading statements and/or failed to disclose material adverse facts concerning Blucora's business, operations and prospects. Specifically, the Complaint alleges that 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; (3) 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 (4) the Company'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.
If you wish to serve as lead plaintiff, you must move the Court no later than July 14, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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Source:Gainey McKenna& Egleston