BALA CYNWYD, Pa., May 21, 2012 /PRNewswire/ --Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Bidz.com, Inc. ("Bidz" or the "Company") (Nasdaq: BIDZ) relating to the proposed acquisition to be taken private by Glendon Group, Inc. ("Glendon").
Under the terms of the transaction, Bidz shareholders would receive only $0.78 in cash for each share of Bidz stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Bidz for not acting in the Company's shareholders' best interests in connection with the sale process to Glendon. The transaction may result in long term holders of Bidz stock suffering substantial losses. For example, Bidz stock traded at $1.79 per share on February 14, 2011 and $0.99 on August 3, 2011. In addition, an analyst has set a price target for Bidz stock at $1.25 per share.
If you own shares of Bidz stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at investorrelations@brodsky-smith.com visiting http://brodsky-smith.com/428-bidz-bidzcom-inc.html, or by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC
