The Law Firm of Brower Piven, A Professional Corporation, announces the Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Settlement Fairness Hearing of the Bidz.com Securities Litigation

STEVENSON, Md., March 11, 2013 /PRNewswire/ -- The following statement is being issued by Brower Piven, A Professional Corporation, regarding the Bidz.com Securities Litigation.

UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
WESTERN DIVISION

RAMON GOMEZ, On Behalf of Himself and All Others Similarly Situated,
Plaintiff,
vs.
BIDZ.COM, INC. and DAVID ZINBERG,
Defendants.

ROLAND POMFRET, On Behalf of Himself and All Others Similarly Situated,
Lead Plaintiff,
vs.
BIDZ.COM, INC., DAVID ZINBERG and LAWRENCE Y. KONG,
Defendants.

This Document Relates to: All Actions

Lead Case No. CV09-3216 CBM (Ex) (Consolidated with Nos. CV09- 03671 CBM; CV09-03967 CBM)

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION AND SETTLEMENT HEARING

TO:  ALL PERSONS WHO PURCHASED THE COMMON STOCK OF BIDZ.COM, INC. ("BIDZ.COM") BETWEEN AUGUST 13, 2007 AND NOVEMBER 28, 2007, INCLUSIVE (THE "SETTLEMENT CLASS").

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the Court, that a settlement for $3,150,000 in cash, and up to $50,000.00 in reimbursement for the costs of notice and administration of the Settlement, has been proposed in the above-captioned certified class action, A hearing will be held before the Honorable Consuelo B. Marshall, at the United States District Court for the Central District of California, Western Division, U.S. Courthouse, 312 N. Spring Street, Courtroom No. 2, Los Angeles, California 90012, at 10:00 a.m., on July 9, 2013 to determine whether the proposed settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the application of Lead Plaintiff's Counsel for attorneys' fees and reimbursement of expenses. IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Settlement Fairness Hearing and a Proof of Claim form, you may obtain copies of these documents by contacting the Claims Administrator:

Bidz.com Securities Litigation
c/o GCG
P.O. Box 9946
Dublin, OH 43017-5946

You may also call 1-866-220-3826 or visit the website http://www.gcginc.com/cases/bdz to obtain copies of these documents. 

Inquiries, other than requests for the forms of Notice and Proof of Claim, may also be made to the Claims Administrator via mail, phone or the website listed above.

To participate in the Settlement, you must submit a Proof of Claim no later than June 6, 2013. If you are a Settlement Class Member and do not exclude yourself from the Settlement Class, you will be bound by the Order and Final Judgment of the Court. Any objections to the Settlement must be filed by May 23, 2013. If you are a Settlement Class Member and do not submit a proper Proof of Claim, you will not share in the Settlement but you nevertheless will be bound by the Order and Final Judgment of the Court.

Further information may be obtained by contacting the Claims Administrator, or Lead Counsel, Charles J. Piven, Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153, Tel: (410) 332-0030. PLEASE DO NOT CONTACT THE COURT.

SOURCE Brower Piven, A Professional Corporation