The firm is investigating the following on behalf of shareholders.
Bazaarvoice, founded in 2005 and publicly traded since February 2012, is incorporated in Delaware and headquartered in Austin, TX. The company provides social commerce solutions that enable clients to capture, display, and analyze online word of mouth, including consumer-generated ratings and reviews.
On May 24, 2012, the company announced that it had entered into an agreement to acquire PowerReviews, its biggest competitor. The acquisition, valued at $168.2 million, took place on June 12, 2012. On June 27, 2012, the company disclosed that the United States Department of Justice, Antitrust Division (“DOJ”) had commenced an investigation to determine whether the acquisition of PowerReviews violated federal antitrust laws. Upon completing its investigation, the DOJ filed a complaint against Bazaarvoice on January 10, 2013.
The DOJ has alleged that, based on a number of documents including e-mail, presentations, and memoranda between executives and the Board of Directors, Bazaarvoice acquired PowerReviews in order to reduce pricing pressure and eliminate competition. We intend to file a demand futility complaint alleging that the company’s executive officers and directors breached their fiduciary duties in connection with the acquisition of PowerReviews.
If you are a continuous holder of the stock since May 15, 2012 or earlier and would like to discuss your options of exercising your rights as a shareholder, which include ensuring that the company is getting the highest possible price for the company, and that the board of directors will act in the best interest of the shareholders, please contact us.
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