NEW YORK, Oct. 5, 2011 /PRNewswire/ -- Levi & Korsinsky
is investigating the Board of Directors of Renaissance Learning,
Inc. ("Renaissance Learning" or the "Company") (NASDAQ: RLRN) for
possible breaches of fiduciary duty and other violations of state
law in connection with the sale of the Company to a company formed
at the direction of the Permira Funds. Under the terms of the
transaction, the co-founders of the Company, who control 60 percent
of Renaissance Learning shares, will receive $15 per share while the remaining shareholders
will receive $16.60 per share.
Click here to learn how to join the action:
http://www.zlk.com/renaissance-learning-rlrn, or call:
877-363-5972.
On September 27, 2011 the Company
received a buyout offer from Plato Learning Inc. under which the
co-founders would receive $15.10 per
share and the others shareholders $18
per share. The Company's co-founders and the Board rejected the
Plato Learning offer. The investigation concerns whether the
Renaissance Learning Board of Directors breached their fiduciary
duties to Renaissance Learning stockholders by failing to
adequately shop the Company before entering into this transaction
and whether Permira Funds is underpaying for Renaissance Learning
shares, thus unlawfully harming Renaissance Learning stockholders.
If you own common stock in Renaissance Learning and wish to
obtain additional information, please contact Joseph E. Levi, Esq. either via email at
jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877)
363-5972, or http://www.zlk.com.
Levi & Korsinsky is a national firm with offices in
New York, California and Washington D.C. The firm has extensive
expertise in prosecuting investor securities litigation involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation. The attorneys at Levi & Korsinsky have been
appointed by numerous courts throughout the country to serve as
lead counsel on behalf of shareholders in major litigations
involving mergers and acquisitions. For more information,
please feel free to contact any of the attorneys listed below.
Attorney advertising. Prior results do not guarantee similar
outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com
SOURCE Levi & Korsinsky, LLP