Court requires additional proxy statement disclosures in PLATO Learning, Inc. merger
Shareholder Voting Opens Today
MT. PLEASANT, S.C. - 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 PLATO's website. The shareholder vote on the proposed merger opens today and concludes on Tuesday, May 25, 2010.
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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) 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.