Rigrodsky & Long, P.A. Announces Investigation of Blackboard, Inc.

WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Blackboard, Inc. (“Blackboard” or the “Company”) (Nasdaq: BBBB) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired and taken private by an investor group led by affiliates of Providence Equity Partners (“Providence”) in an all-cash transaction valued at approximately $1.64 billion, plus the assumption of approximately $130 million in net debt.

Click here to learn more and how to join the action: http://www.rigrodskylong.com/news/BlackboardInc-BBBB.

Under the proposed agreement, Blackboard shareholders will receive $45.00 per share in cash for each share of Blackboard common stock they hold.

The investigation concerns whether Blackboard’s board of directors adequately shopped the Company to obtain the best price possible for Blackboard’s shareholders before entering into the agreement with Providence. Indeed, according to Yahoo! Finance, at least one analyst has set a $55.00 per share target for Blackboard stock.

As recent as May 9, 2011, Blackboard announced its first quarter 2011 earnings wherein the Company reported an increase of 18% in total GAAP revenue over the same period in 2010. The Company also reported 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. Michael Chasen, CEO and President of Blackboard commented: “Our business is off to a strong start for the year[.]…The investments we are making are allowing us to improve product quality and enhance overall client satisfaction.”

If you own the common stock of Blackboard and purchased your shares before July 1, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.