Bull & Lifshitz, LLP Announces Investigation of the Acquisition of Health Grades, Inc.

Bull & Lifshitz, LLP announces an investigation into possible breaches of fiduciary duty in connection with the proposed acquisition of Health Grades, Inc. HGRD by Vestar Capital Partners V, L.P. in a cash transaction valued at approximately $294 million. Under the terms of an agreement unanimously approved by the Board of Directors of Health Grades, an affiliate of Vestar will commence an all-cash tender offer no later than August 10, 2010. Following completion of the tender offer, the affiliate of Vestar will acquire all of the remaining publicly-held shares of Health Grades at $8.20 per share through a second-step merger. Bull & Lifshitz, LLP's investigation is focused on whether the Board of Directors breached their fiduciary duties to Health Grades stockholders and whether the proposed deal provides adequate value to the Company's shareholders.