Bernstein Liebhard LLP Announces Investigation of Acquisition of Alloy, Inc. by Zelnickmedia

June 24, 2010

Bernstein Liebhard LLP is investigating whether the Board of Directors of Alloy, Inc. (“Alloy” or the “Company”) (Nasdaq: ALOY) breached its fiduciary duty to its shareholders in agreeing to sell Alloy to an investor group led by ZelnickMedia.

Under the terms of the agreement, Alloy shareholders will receive $9.80 in cash for each share they own, placing the total value of the transaction at approximately $126.5 million. The companies expect to close the deal in the fourth quarter of 2010. The investigation is focused on the potential unfairness of the price to Alloy shareholders and the process by which the Alloy Board of Directors considered and approved the transaction.

If you are interested in discussing your rights as an Alloy shareholder and/or have information relating to the matter, please contact U. Seth Ottensoser at (877) 779-1414 or Ottensoser@bernlieb.com.

Bernstein Liebhard has pursued hundreds of securities and consumer shareholder rights cases and recovered almost $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last seven years.