NEW YORK--(BUSINESS WIRE)--Newman Ferrara LLP is conducting an investigation on behalf of shareholders of Bazaarvoice, Inc. (“Bazaarvoice”) (Nasdaq: BV) into potential violations of federal securities laws and breaches of fiduciary duty by Bazaarvoice and certain of its officers and directors.
Bazaarvoice provides various social commerce solutions assisting businesses to make use of social media to better connect with their respective markets. On January 10, 2013, the Department of Justice announced that it had filed a civil antitrust lawsuit 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 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.”
On this news, shares of Bazaarvoice stock dropped 17% from $9.00 per share to a January 10, 2013 closing price of $7.49 per share. On the following day, shares of Bazaarvoice stock dropped another 11% to a January 11, 2013 closing price of $6.65 per share.
Shareholders of Bazaarvoice stock can contact Newman Ferrara attorneys Jeffrey Norton (firstname.lastname@example.org) or Roy Shimon (email@example.com) to discuss this investigation and their rights as Bazaarvoice shareholders.
Whistleblowers: Persons with knowledge that may aid in the investigation of this matter are encouraged to contact the firm. Under the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected from employer retaliation and may be entitled to as much as 30 percent of the recovery if the information provided leads to a successful action.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.