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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