BENSALEM, Pa., Nov. 30, 2005 (PRIMEZONE) -- Smith & Smith LLP announces that it is investigating claims against Blockbuster, Inc. ("Blockbuster")(NYSE:BBI) concerning whether the Blockbuster Investment Plan (the "Plan") imprudently invested in Blockbuster, Inc. stock and whether defendants, including Viacom, Inc. -- which owns approximately 80% of Blockbuster equity -- breached their fiduciary duties to plan participants in violation of the Employee Retirement Income Security Act.
The Complaint alleges that, among other things, certain defendants failed to prudently and loyally manage the Plan's investment in Blockbuster stock by continuing to offer Blockbuster stock when the stock was no longer a prudent investment for participants' retirement savings. The Complaint further alleges that certain defendants failed to provide Plan participants with complete and accurate information concerning Blockbuster's business, financial condition and prospects, and failed to adequately monitor the performance of their fiduciary appointees and remove or replace those with conflicts of interest with Plan participants and/or whose performance was inadequate.
If you are a current or former employee who participated in, or continues to participate in, the Blockbuster Investment Plan and have information or would like to learn more about these claims, please contact Howard Smith, Esquire, of Smith & Smith LLP, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone, Toll-Free at (866)759-2275, or by email to howardsmithlaw@hotmail.com.
If you wish to discuss these claims, or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Smith & Smith LLP, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone, Toll-Free at (866) 759-2275, or by email to howardsmithlaw@hotmail.com.