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.
Amber L. Eck, 619-342-8000
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