An investigation on behalf of current investors of Bassett Furniture Industries Inc. (NASDAQ: BSET) over possible shareholder claims arising out of potential stock option backdating was announced.

According to the investigation by a law firm the investigation focuses on shareholder claims that certain Bassett Furniture Industriess officers and directors received backdated stock options, where the date of stock options the company awards are changed to coincide with big moves in the company's stock price. Bassett Furniture Industries, Inc. is a retailer, manufacturer and marketer of branded home furnishings. The Company is organized into three segments: wholesale, retail, and investments and real estate. Bassett's products are sold primarily through Bassett Furniture Direct or Bassett Home Furnishings stores, with secondary distribution through Bassett Design Centers and other multi-line furniture stores. The corporate insiders and executives of some companies have, so the investigation, apparently been granted stock options that were miraculously awarded just before a large run-up, obviously making those options more valuable. According to the investigation numerous stock options at Bassett Furniture Industries were backdated or misdated over numerous years, and that, as a result, the certain officers & directors of Bassett Furniture Industries have been unjustly enriched and Bassett Furniture Industriess financial statements have been false & misleading for a multi-year period. Bassett Furniture Industries Inc. is located in Bassett, VA and had $288.30million total revenue in 2008.Bassett Furniture Industries Inc. (NASDAQ: BSET) shares traded recently at $1.85, down from over $13 per share in 2008, and over $21 in 2002.