Deadline in Lawsuit for Investors in Shares of Marchex, Inc. (NASDAQ:MCHX) Announced by Shareholders Foundation
December 07 2015 - 10:00AM
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
mail@shareholdersfoundation.com 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 mail@shareholdersfoundation.com 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
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
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