Bidz.com (BIDZ) Responds to Class Action Lawsuit
Bidz.com (NASDAQ: BIDZ) will defend aggressively a lawsuit filed by Ramon Gomez in the United States District Court, Central District of California, against Bidz.com and its Chairman and Chief Executive Officer, David Zinberg. The complaint was filed as a purported class action on behalf of all purchasers of the common stock of Bidz.com between August 13, 2007 to November 26, 2007.
The plaintiff's allegations are solely based on a report published by Citron Research on November 26, 2007. After issuing the report, Citron Research, previously known as StockLemon.com, publicly acknowledged that it held a short position in the common stock of Bidz.com, Inc. The Company has publicly refuted all the claims made in the report.
The complaint is another in a series of allegations against Bidz.com in the aftermath of the Citron Report, including complaints made to the SEC and the FTC. Bidz.com has previously disclosed the investigation by the SEC and has recently received a Civil Investigative Demand for information from the FTC relating to email marketing practices. Bidz.com is cooperating and responding to these investigations.
Bidz.com believes the plaintiffs' claims are entirely without merit and intends to defend the action vigorously.
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