Zeldes & Haeggquist, LLP Announces Investigation of Bazaarvoice, Inc.
SAN DIEGO -- April 8, 2013
Zeldes & Haeggquist, LLP, a shareholder and consumer rights litigation firm,
has commenced an investigation into possible violations of the federal
securities laws by certain officers and directors at Bazaarvoice, Inc.
(“Bazaarvoice” or the “Company”).
Bazaarvoice (NASDAQ: BV) is an internet marketing company based in Austin,
Texas that specializes in user-generated content in the form of customer
reviews. Its software platform lets client companies add ratings and reviews
to their website.
On January 10, 2013, the Department of Justice announced that it had filed a
civil antitrust complaint against Bazaarvoice for alleged violations of the
Hart-Scott-Rodino Antitrust law, in connection with its June 2012 acquisition
of PowerReviews, Inc. in a transaction valued at approximately $168.2 million.
Specifically, according to a DOJ press release, “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.”
On this news, on January 10, 2013, shares of Bazaarvoice stock dropped 17%
from $9.00 per share to a closing price of $7.49 per share. On the following
day, January 11, 2013, shares of Bazaarvoice stock dropped another 11% to a
closing price of $6.65 per share.
If you purchased shares of Bazaarvoice between November 1, 2011 and January
11, 2013, including in the Company’s February 24, 2012 offering, and would
like additional information regarding this investigation, or if you have
information regarding the matters under investigation, please contact attorney
Amber L. Eck at 619-342-8000 or by email at email@example.com.
Zeldes & Haeggquist’s investigation focuses on whether statements of
Baazarvoice in connection with the acquisition were false or misleading, and
whether, as the DOJ complaint alleges, the acquisition of Baazarvoice was a
“calculated move by Baazarvoice that was intended to eliminate competition.”
Zeldes & Haeggquist is a full-service law firm which brings major class
actions nationwide on behalf of defrauded investors and consumers and handles
a variety of complex business litigation matters. Please visit www.zhlaw.com
for more information.
Zeldes & Haeggquist, LLP
Amber L. Eck, 619-342-8000
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