This problem with the LinkClick handler (and also the Captcha handler, etc.) stems from the AppPool running under ASP.Net 4.0 and the need for some minor changes to be made to web.config. Find the following <handlers> section inside of the <system.webServer> node:
<handlers>
<add name="LogoffHandler*" path="Logoff.aspx" verb="*" type="DotNetNuke.Services.Authentication.LogOffHandler, DotNetNuke" preCondition="integratedMode,runtimeVersionv2.0" />
<add name="RSSHandler" path="RSS.aspx" verb="*" type="DotNetNuke.Services.Syndication.RssHandler, DotNetNuke" preCondition="integratedMode,runtimeVersionv2.0" />
<add name="LinkClickHandler" path="LinkClick.aspx" verb="*" type="DotNetNuke.Services.FileSystem.FileServerHandler, DotNetNuke" preCondition="integratedMode,runtimeVersionv2.0" />
<add name="CaptchaHandler" path="*.captcha.aspx" verb="*" type="DotNetNuke.UI.WebControls.CaptchaHandler, DotNetNuke" preCondition="integratedMode,runtimeVersionv2.0" />
<add name="UserProfilePageHandler" verb="*" path="User.aspx" type="DotNetNuke.Services.UserProfile.UserProfilePageHandler, DotNetNuke" preCondition="integratedMode,runtimeVersionv2.0" />
<add name="SitemapHandler" path="Sitemap.aspx" verb="*" type="DotNetNuke.Services.Sitemap.SitemapHandler, DotNetNuke" preCondition="integratedMode,runtimeVersionv2.0" />
<add name="RadProgressHandler" verb="*" path="Telerik.RadUploadProgressHandler.ashx" type="Telerik.Web.UI.Upload.RadUploadProgressHandler, Telerik.Web.UI" preCondition="integratedMode" />
<add name="Telerik.Web.UI.WebResource" verb="*" path="Telerik.Web.UI.WebResource.axd" type="Telerik.Web.UI.WebResource, Telerik.Web.UI" />
<add name="Telerik.Web.UI.ChartHttpHandler" verb="*" path="ChartImage.axd" type="Telerik.Web.UI.ChartHttpHandler, Telerik.Web.UI, Culture=neutral, PublicKeyToken=121fae78165ba3d4" />
<add name="HtmTemplateFileHandler" verb="*" path="*.htmtemplate" type="DotNetNuke.HtmlEditor.TelerikEditorProvider.HtmTemplateFileHandler, DotNetNuke.HtmlEditor.TelerikEditorProvider" preCondition="integratedMode" />
</handlers>
Whereever you see preCondition="integratedMode,runtimeVersion2.0" change it to either preCondition="integratedMode" or to preCondition="integratedMode,runtimeVersion4.0". Either value for preCondition will work - still not sure which is most appropriate. I had logged this as an issue in Gemini a while back but it was not on the top of the list of fixes for this release.