Law Office of Jonathan M. Stein, P.L., Announces Investigation of Blackboard, Inc.
01 Luglio 2011 - 5:06PM
Business Wire
The Law Office of Jonathan M. Stein, P.L. is investigating the
Board of Directors of Blackboard, Inc. ("Blackboard" or the
"Company") (Nasdaq: BBBB) for possible breaches of fiduciary duty
and other violations of state law in connection with their attempt
to complete a sale of the Company to an investor group led by
affiliates of Providence Equity Partners ("Providence"). Under the
terms of the proposed transaction, Blackboard shareholders are to
receive $45.00 in cash for each share of Blackboard they own, for a
total transaction value of about $1.64 billion.
The investigation involves whether the Board of Directors of
Blackboard breached their fiduciary duties to Blackboard
stockholders by failing to adequately shop the Company before
agreeing to enter into the transaction and whether Blackboard has
disclosed all material information to shareholders about the
proposed transaction. Of particular interest, according to Yahoo
Finance, the median target price of the eight analysts that follow
the Company is $51.00 per share, and one analyst has set a target
price at $55.00 per share. Also, As recently as May 9, 2011, the
Company announced an increase of 18% in total GAAP revenue for its
first quarter over the same period in 2010. The Company also
reported that product revenues for the first quarter of 2011
increased 17% over the first quarter of 2010 and professional
services revenues for the first quarter of 2011 increased 28% over
the first quarter of 2010.
If you own stock in Blackboard and wish to obtain additional
information about your rights, or if you have information regarding
the above investigation, please contact Jonathan M. Stein, Esq.
either via email at jstein@jonathansteinlaw.com or by telephone at
(561) 961-2244.
The Law Office of Jonathan M. Stein, P.L. represents
shareholders and consumers in complex litigation, including class
action and derivative litigation. More information about the firm
is available through its website, www.jonathansteinlaw.com, and
upon request from the firm. Jonathan M. Stein is the attorney
responsible for the content of this release.
Jonathan M. Stein, Esq. Law Office of Jonathan M. Stein, P.L. 120
E. Palmetto Park Rd., Suite 420 Boca Raton, FL 33432 (561) 961-2244
jstein@jonathansteinlaw.com
www.jonathansteinlaw.com
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