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 Announced by Shareholders Foundation - EconoTimes)
SAN DIEGO, Dec. 07, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in New York on behalf of certain purchasers of shares of Marchex, Inc. (NASDAQ:MCHX) over alleged Securities Laws Violations by Marchex.
Investors who purchased a significant amount of shares of Marchex, Inc. (NASDAQ:MCHX) between March 19, 2014 and September 18, 2014, and / or if you purchased any NASDAQ:MCHX shares prior to March 2014 and continue to hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: January 19, 2016. NASDAQ:MCHX investors should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
The plaintiff claims that between March 19, 2014 and September 18, 2014 defendants issued materially false and misleading statements to investors and/or failed to disclose that Allstate sought to switch its business with Marchex to a fixed- fee basis from payments made for each call, that consequently, Marchex’s revenue would be negatively impacted, and that as a result of the foregoing, defendants’ public statements about Marchex’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis at all relevant times.
On September 18, 2014, Marchex, Inc. announced it is updating its outlook for the remainder of 2014. Marchex, Inc. said that as a result of revised commitments from Allstate in the fourth quarter, Marchex is lowering its 2014 call-driven revenue outlook. Marchex, Inc. said that Allstate has indicated its desire to move to a fixed fee model going forward and that under this proposed model, Marchex’s economic upside would have been limited, while financial exposure to Marchex would have remained and that Marchex does not believe it is in its best long-term interest to work under such an arrangement. Shares of Marchex, Inc. (NASDAQ:MCHX) declined to as low as $3.55 per share in November 2014.
Those who purchased Marchex, Inc. (NASDAQ:MCHX) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at [email protected] or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc. Michael Daniels +1 (858) 779-1554 [email protected] 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
