Rigrodsky & Long, P.A. Announces Investigation of Renaissance Learning, Inc.
17 August 2011 - 12:46AM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Renaissance
Learning, Inc. (“Renaissance Learning” or the “Company”) (Nasdaq:
RLRN) 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 the Permira Funds (“Permira”)
in a transaction with an approximate value of $440 million.
Click here to learn more and how to join the action:
http://www.rigrodskylong.com/news/RenaissanceLearningInc-RLRN.
Under the proposed agreement, Renaissance Learning shareholders
will receive $14.85 per share in cash for every share of
Renaissance Learning common stock they hold. In addition, Company
co-founders Terrance and Judith Paul, together with affiliates and
members of their family, have agreed to vote the shares they
control representing, in the aggregate, approximately 69% of the
Renaissance Learning’s outstanding shares, in favor of the
transaction.
The investigation concerns whether Renaissance Learning’s board
of directors adequately shopped the Company to obtain the best
price possible for Renaissance Learning’s shareholders before
entering into the agreement with Permira. Indeed, according to
Yahoo! Finance, at least one analyst has set a $16.00 per share
target for Renaissance Learning stock.
If you own the common stock of Renaissance Learning and
purchased your shares before August 16, 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 19801, 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.
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