New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
January 11, 2013
07:20 EDTBVBazaarvoice statement on antitrust action filed by Department of Justice
Bazaarvoice issued the following statement in response to the antitrust action filed by the U.S. Department of Justice regarding Bazaarvoice's acquisition of PowerReviews. "We are disappointed with the filing of yesterday's lawsuit. We provided the DOJ with extensive documents, data, and information demonstrating that our acquisition of PowerReviews was procompetitive and did not result in a lessening of competition. We disagree with the DOJ's decision to ignore that evidence and we will now shift our attention to a court of law where we expect to be fully vindicated. There are a number of problems with the DOJ's complaint but perhaps none more so than their overly narrow definition of the product market. More generally, we are surprised that the DOJ chose to base this case on a series of dated documents. In doing so, they ignored virtually all of our recent ordinary course documents and substantial economic evidence. The documents excerpted in the complaint, when taken out of context as the DOJ did in its complaint, paint an inaccurate picture of the marketplace. During the litigation, we will focus on rectifying the DOJ's inaccuracies. Moreover, contrary to earlier reports, Bazaarvoice complied with the letter and spirit of the Hart-Scott-Rodino Act. Bazaarvoice was not required to report this transaction under the Hart-Scott-Rodino Act because PowerReviews was so small it failed to meet the government's own required "size-of-person test" that triggers mandatory notification and pre-clearance process. We are surprised that the DOJ would choose to invest scarce and valuable resources in challenging a consummated transaction of an entity that made under $12M in revenues in its most recent fiscal year. Put simply, at the time it was acquired, PowerReviews was in no way the viable competitive threat the DOJ's complaint tries to suggest. Although we are preparing for our day in court, our principal focus is to continue to serve our clients with a full range of social software that helps them engage powerfully with their customers."
News For BV From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
There are no results for BV

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use