Law Offices of Howard G. Smith Announces Investigation of Renaissance Learning Inc.
August 17 2011 - 12:19PM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against the Board of Directors of
Renaissance Learning Inc. (“Renaissance Learning” or the “Company”)
(NASDAQ:RLRN) related to the proposed acquisition of the Company by
a company formed at the direction of the Permira Funds. The
transaction is valued at approximately $440 million or $14.85 per
share.
The investigation concerns whether the Board of Directors of
Renaissance Learning breached their fiduciary duties to
stockholders by failing to adequately shop the Company before
agreeing to enter into the proposed transaction, and whether the
Company has disclosed all material information to shareholders
about the transaction. The Company has seen substantial recent
growth. Its share price has skyrocketed from $7.98 on August 31,
2010 to $13.56 on July 25, 2011. Further, at least one analyst has
set a target price for the Company’s stock at $16.00.
If you are a shareholder of Renaissance Learning, 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 Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or
visit our website at http://www.howardsmithlaw.com.
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