Judge Tosses Investor Suit Over $1.6B Blackboard Acquisition

Law360, New York (May 24, 2012, 8:17 PM EDT) -- A D.C. Superior Court judge on Wednesday dismissed a putative shareholder class action over Providence Equity Partners LLC's $1.64 billion acquisition of Blackboard Inc., ruling that the plaintiffs failed to show the companies breached their duty of loyalty in executing the deal.

Plaintiffs Leroy Pogodzinski and Eve Wascshler, whose cases were consolidated by the D.C. Superior Court, accused Blackboard of acting in its own self-interest and failing to show independence when it agreed to an allegedly undervalued common stock price of $45 per share in July...
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