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Case Status:    SETTLED
On or around 10/11/2013 (Date of order of final judgment)

Filing Date: May 07, 2009

According to a press release dated May 7, 2009, the complaint charges the defendant company and its chief executive with violations of the Securities Exchange Act of 1934. The defendant company is in the business of selling jewelry and other products online through an auction process.

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, is hereby appointed as Lead Counsel for Lead Plaintiff and the Class and the law firm of Milberg LLP is hereby 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, 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.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Catalog & Mail Order)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: BIDZ
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 09-CV-03216
JUDGE: Hon.Consuelo B. Marshall
DATE FILED: 05/07/2009
CLASS PERIOD START: 08/13/2007
CLASS PERIOD END: 11/26/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrack, Rodos & Bacine (San Diego)
    600 West Broadway, Suite 900, Barrack, Rodos & Bacine (San Diego), CA 92101
    619.230.0800 619.230.0800 ·
  2. Sarraf Gentile LLP (Former NYC)
    116 John Street, Suite 2310, Sarraf Gentile LLP (Former NYC), NY 10038
    212.868.3610 212.868.3610 ·
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 09-CV-03216
JUDGE: Hon.Consuelo B. Marshall
DATE FILED: 10/13/2009
CLASS PERIOD START: 07/31/2007
CLASS PERIOD END: 11/10/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brower Piven (Baltimore)
    The World Trade Center-Baltimore. 401 East Pratt Street, Suite 2525, Brower Piven (Baltimore), MD
    410.332.0030 410.685.1300 · info@browerpiven.com
  2. Brower Piven (New York)
    488 Madison Avenue. Eighth Floor, Brower Piven (New York), NY 10022
    212.501.9000 212.501.0300 · info@browerpiven.com
  3. Milberg LLP (Los Angeles)
    300 South Grand Avenue, Suite 3900, Milberg LLP (Los Angeles), CA 90071
    213.617.1200 213.617.1200 · ContactUs@milberg.com
No Document Title Filing Date
No Document Title Filing Date