Former Blucora CEO Responds To Company's 8-K Filings

DALLAS, April 13, 2021 /PRNewswire/ -- Former Blucora CEO John Clendening is compelled to set the record straight.  Blucora's Board of Directors is in a protracted proxy battle with Ancora Holdings, Inc.   Ancora is seeking to replace four sitting Blucora Board members Georganne Proctor, Mary Zappone, Steven Aldrich, and John MacIlwaine.  In response to Ancora's efforts to change Blucora's Board, Blucora filed inaccurate and misleading 8-Ks. 

Blucora's statement in the March 15, 2021 8-K that "since it became clear during a four-day business and strategy review by the Board in September 2019, the Company was no longer on the optimal path for long-term value creation, the Blucora Board has taken aggressive actions, including: replacing the CEO and CFO in early 2020," is simply not true.  Other attendees can confirm that at that meeting the Board thought--just like Blucora's January 16, 2020 press release and 8-K stated--that Blucora was on the optimal path to deliver long-term value to shareholders.  Blucora's own prior 8-K filings directly contradict and do not materially mirror Blucora's recent 8-K filings made in response to Ancora's efforts to hold Blucora's Board accountable. 

Blucora's January 16, 2020 8-K filing stated "the departure resulted from differences in view on the scope of Mr. Clendening's authority as CEO.  Blucora's financial position and cash flows are strong, and the decision was unrelated to Blucora's business performance, strategic vision, goals, financial, or internal controls." 

While now the Board is criticizing the Company's strategy under prior management, at the time in a January 30, 2020 8-K and press release, Blucora CEO Chris Walters stated he had "…played a key role in creating our current strategy…."

Mr. Clendening does not relish publishing this response.  After leaving Blucora as CEO and a Board member, Mr. Clendening hoped Blucora's Board would be honest and consistent about the circumstances of his departure.  It has become clear that Blucora--with its back against the wall--is publishing mischaracterizations, misrepresentations, and outright untruths. 

Accordingly, Mr. Clendening is compelled to correct the record so Blucora's shareholders and the investing public know the truth.

Blucora has now directly contradicted the facts contained in Blucora's prior January 16, 2020 press release and Blucora's January 16, 2020 8-K filing. 

It's clear that either Blucora was untruthful in its press release and 8-K filing on January 16, 2020, or it's being untruthful in its 8-K filings on March 15, 2021 and March 31, 2021.    

For more information contact:
Rogge Dunn
[email protected] 
214-220-0077

SOURCE Rogge Dunn Group