Faruqi & Faruqi, LLP Announces Investigation of Blackboard, Inc.

NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Blackboard, Inc. (“Blackboard” or the “Company”) (Nasdaq: BBBB) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to an investor group led by affiliates of Providence Equity Partners in an all cash deal valued at approximately $1.64 billion. The transaction is expected to close in the fourth quarter of 2011. Under the terms of the proposed transaction, Blackboard’s shareholders will receive $45 in cash, while, according to Yahoo! Finance, at least one financial analyst has set a price target of $55 for Blackboard. Furthermore, Blackboard has experienced recent positive financial results, for example, its total revenue for the first quarter of 2011 was $118.8 million – an increase of 18% over the first quarter of 2010.