DALLAS, July 7, 2011 (GLOBE NEWSWIRE) -- The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of Blackboard, Inc. ("Blackboard") related to the sale of Blackboard to a private equity group lead by affiliates of Providence Equity Partners.
The definitive acquisition agreement involves a transaction valued at approximately $1.64 billion. Under the proposed buyout, Blackboard shareholders will receive $45.00 in cash for each share of Blackboard common stock they hold. The transaction is expected to close in the fourth quarter of 2011.
The firms are investigating the fairness of the proposed transaction to Blackboard shareholders, whether the shareholders are being underpaid for their stock, and whether Blackboard's Board of Directors acted in the shareholders' best interests. In particular, although the deal price represents a premium over Blackboard's closing price the day before the acquisition announcement, at least one analyst has set a target price for Blackboard stock at $55 per share and Blackboard shares closed at over $48.00 per share as recently as April 21, 2011. Further, in May 2011 Blackboard announced an increase in first quarter 2011 earnings, product revenues, and professional services revenues compared to the same quarter for the prior year. Based on these and other factors, the firms believe that the acquisition price is fundamentally unfair to Blackboard shareholders.
If you currently own shares of Blackboard and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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