MT. PLEASANT, S.C.,
May 19 /PRNewswire-FirstCall/ -- The
Delaware Court of Chancery has
issued an opinion in a shareholder lawsuit seeking to enjoin the
proposed going-private merger of PLATO Learning, Inc. (Nasdaq:
TUTR) and subsidiaries of Thoma
Bravo, LLC. The lawsuit alleges, among other things,
that PLATO's proxy statement was materially misleading to the
company's shareholders, which are responsible for voting on the
proposed merger. In its opinion, the Court of Chancery held that
PLATO's proxy statement was materially misleading on three counts
and enjoined the proposed merger until corrective disclosures were
made. On Friday, May 14, 2010,
PLATO released its additional disclosures, which are now publicly
available to shareholders at http://www.sec.gov and
http://phx.corporate-ir.net/phoenix.zhtml?c=96398&p=irol-sec.
The shareholder vote on the proposed merger opens today and
concludes on Tuesday, May 25,
2010.
About Motley Rice LLC
Motley Rice LLC, one of the nation's largest plaintiffs'
litigation firms is headquartered in Mount Pleasant, South Carolina, and has
additional offices in Connecticut,
Washington, DC, New York, Rhode
Island and West Virginia.
For more information about Motley Rice LLC contact attorney
William S. Norton (MA, NY, SC) or J.
Brandon Walker (SC) at +1 800.768.4026.
This news release is not a solicitation of a proxy from any
security holder of PLATO Learning, Inc. or a substitute for the
proxy statement filed by PLATO Learning, Inc. with the SEC.
Do not send your proxies to Motley Rice LLC. Executed proxy
cards should be returned according to instructions provided by
PLATO Learning, Inc.
SOURCE PLATO Learning, Inc.