Block & Leviton LLP Investigates Bazaarvoice, Inc. and Certain of Its Officers
and Directors for Possible Violations of the Federal Securities Laws
BOSTON, Jan. 17, 2013
BOSTON, Jan. 17, 2013 /PRNewswire/ --Block & Leviton LLP (www.blockesq.com),
a Boston-based law firm representing investors nationwide, is investigating
possible securities law violations involving Bazaarvoice, Inc. ("Bazaarvoice"
or the "Company") (NASDAQ: BV) following the public announcement that the
Company is under investigation by the Department of Justice ("DOJ"). The
Company, which went public in February 2012, is being investigated by the DOJ
for alleged misdeeds arising from the Company's June 2012 acquisition of
PowerReviews Inc. ("PowerReviews"). The DOJ has said that the $168.2 million
transaction substantially lessened competition in the market for product
ratings and reviews platforms in the United States, resulting in higher prices
to customers and diminished innovation in the field.
According to Bill Baer, Assistant Attorney General in charge of the Department
of Justice's Antitrust Division, "Bazaarvoice bought PowerReviews knowing that
it was acquiring its most significant rival and hoping to benefit from
diminished price competition. Without competitive pressure from PowerReviews,
Bazaarvoice will be able to increase prices to retailers and manufacturers for
its product ratings and reviews platform. This lawsuit seeks to prevent one
firm from dominating the product rating and review platforms market, and
demonstrates that transactions that are not reported to us are not immune from
News of the DOJ investigation shocked the market and the Company's stock price
fell by more than 25% in less than a week – dropping from $9.00 per share on
January 10, 2013 to close at $6.78 per share on January 16, 2013, trading at
its highest volume since the Company's initial public offering.
Block & Leviton's investigation seeks to determine, among other things,
whether Bazaarvoice or its officers and directors have violated the federal
securities laws. If you have any information relevant to this investigation,
or have questions about your legal rights, please contact attorney Steven
Harte of Block & Leviton LLP at (617) 398-5600 or email him at
Block & Leviton is a Boston-based law firm representing investors for
violations of securities laws. The firm's lawyers have collectively been
prosecuting securities cases on behalf of investors for over 50 years.
This notice may constitute attorney advertising.
Contact: BLOCK & LEVITON LLP
Steven P. Harte, Esq.
SOURCE Block & Leviton LLP
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