Bidz.com, Incorporated is a company is in the business of selling jewelry and other products online through an auction process.

According to a press release dated May 7, 2009, the Complaint charges Bidz.com and its chief executive with violations of the Securities Exchange Act of 1934.

The Complaint alleges that during the Class Period, Defendants issued a series of false and misleading statements intended to project the picture of a financially sound and well-operating company, when, in fact, the Company was operating with material deficiencies and undisclosed substantial problems that went to the heart of its business model. On November 26, 2007, a Citron Research article identified numerous "red flags" and revealed previously undisclosed material problems with the Company. Two days later, Citron issued a second article that provided additional details, revealing, among other things, that the Company engaged improper business tactics in order to artificially raise the auction price of its products. On this news, the Company's stock price dropped from a closing price of $19.94 on Friday, November 23, 2007, to a low of $10.10 on November 28, a loss of nearly 50%.

On July 30, 2009, an Order by Judge Consuelo B. Marshall consolidated the cases in this action. Roland Pomfret was appointed lead Plaintiff for the Class pursuant to Section 21D(a)(3)(B) of the Securities Exchange Act of 1934, 15 U.S.C. § 78u-4(a)(3)(B), as amended by Section 101(b) of the Private Securities Litigation Reform Act of 1995. Lastly, the law firm of Brower Piven, A Professional Corporation, was appointed as lead Counsel for lead Plaintiff and the Class and the law firm of Milberg LLP was appointed as liaison Counsel for lead Plaintiff and the Class.

On October 13, 2009, a consolidated class action Complaint was filed by lead Plaintiff Ronald Pomfret.

On May 25, 2010, the Court granted Defendants' Motion to Dismiss without prejudice and granted the parties' Requests for Judicial Notice.

On June 25, 2010, a Consolidated Amended Class Action Amended Complaint - amending the previous Consolidated Class Action Complaint against Defendants - was filed by the lead Plaintiffs.

On November 30, 2011, the Court issued an Order staying all pretrial proceedings in this matter.

On December 17, 2012, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on February 21, 2013. On October 11, 2013, the Court issued an Order granting final approval of the Settlement and closing this case.