Robbins Umeda LLP Announces an Investigation of Blackboard Inc.
01 Luglio 2011 - 11:53PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, has
commenced an investigation into possible breaches of fiduciary duty
and other violations of state law by members of the board of
directors of Blackboard Inc. (NASDAQ:BBBB) in connection with its
efforts to sell the company to an investor group led by affiliates
of Providence Equity Partners.
If you own stock in Blackboard and would like more information
about your shareholder rights, please contact Gregory E. Del Gaizo
at 800-350-6003 or via the shareholder information form on our
website.
On July 1, 2011, Blackboard announced it had entered into a
definitive agreement under which Blackboard will be acquired by
Providence. Pursuant to this agreement, Blackboard shareholders
will receive $45.00 in cash for each share of Blackboard common
stock they own. The transaction is expected to close in the fourth
quarter of 2011.
The investigation focuses on whether Blackboard's board is
undertaking a fair process to obtain maximum value and adequately
compensate its shareholders in light of the company's recent
positive financial results. On May 9, 2011, Blackboard reported
first quarter 2011 revenues of $118.8 million, an increase of 18%
over first quarter 2010. Additionally, at least five analysts had
target prices higher than the offer, ranging from $50 to $55. These
price targets were reaffirmed following the company's May 9, 2011
earnings press release. Moreover, Blackboard traded as high as
$50.26 on April 19, 2011, traded over the offer price as recently
as May 11, 2011, and closed over the offer price as recently as May
10, 2011.
In addition, our firm is investigating whether self-dealing and
other employment guarantees played a part in the decision by the
board to enter into agreements with Providence. According to the
merger agreement, Blackboard will become a privately held company
and will continue to be led by its existing senior management
team.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
firm's skilled litigation teams include former federal prosecutors,
former defense counsel from top multinational corporate law firms,
and career shareholder rights attorneys. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/blackboard-inc/
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