Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Alloy, Inc. (“Alloy” or the “Company”) (Nasdaq: ALOY) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by ZelnickMedia in a transaction valued at approximately $126.5 million.

Are you affected?

• Do you own Alloy, Inc. common stock?
• Did you purchase your shares before June 24, 2010?
• Do you feel the buyout is unfair?
• Do you want to discuss your rights?

Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Alloy, Inc. (“Alloy” or the “Company”) (Nasdaq: ALOY) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by ZelnickMedia in a transaction valued at approximately $126.5 million

Under the proposed agreement, ZelnickMedia will acquire all the outstanding shares of Alloy for $9.80 per share in cash.  The investigation concerns whether Alloy’s board of directors failed to adequately shop the Company and obtain the best price possible for Alloy’s shareholders before entering into the agreement with ZelnickMedia.

As recent as June 17, 2010, the Company reported its first quarter 2010 financial results wherein Alloy reported a 15% increase in revenue over the prior year quarter and a 100% increase in adjusted EBITDA over the prior year quarter.  Indeed, Alloy’s Chairman and CEO, Matt Diamond, commented: “We were pleased with the results of the Media and Placement segments, as the Digital, Display Board, and Newspaper businesses reported increased revenue over the prior year quarter and we expect this trend to continue into the second quarter.”

If you own the common stock of Alloy and purchased your shares before June 24, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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