An investigation on behalf of current long term investors in Marchex, Inc. (NASDAQ:MCHX) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:MCHX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/16/2016 -- An investigation for investors in NASDAQ:MCHX shares was announced concerning potential breaches of fiduciary duties by certain Marchex directors.
Investors who are current long term investors in Marchex, Inc. (NASDAQ:MCHX) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm for current long term investors in NASDAQ:MCHX stocks follows a lawsuit filed recently against Marchex, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:MCHX stocks, concerns whether certain Marchex directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges that defendants issued materially false and misleading statements to investors and/or failed to disclose thatAllstate 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. (NASDAQ:MCHX) announced it is updating its outlook for the remainder of 2014. Marchex, Inc. said that as a result of revised commitments from Allstate n 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.
Those who purchased shares of Marchex, Inc. have certain options and should contact the Shareholders Foundation.
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