DALLAS, Jan. 18 /PRNewswire-FirstCall/ -- Voyager Learning Company
(Pink Sheets: VLCY.PK), a publisher of education materials and provider of
education solutions in the K-12 market, announced today that the Board of
Directors met and adopted the recommendations of its special litigation
committee. The special litigation committee of the Board was created to
investigate the allegations raised in the derivative shareholder suits and
demand letter received by the Company. The Special Litigation Committee
retained independent counsel, Sidley Austin, LLC, to assist their
investigation. Upon completion of its investigation, the special litigation
committee recommended that no further action be taken against any of the
current or former directors or officers and that the Company should seek
termination of the derivative actions. The Board intends to follow these
recommendations.
About Voyager Learning Company
Voyager Learning Company (OTC: VLCY.PK) is based in Dallas, Texas, and
is a publisher of education materials and provider of education solutions
serving the K-12 market. Through its product lines, which include Voyager
Expanded Learning, ExploreLearning and Learning A-Z, the Company is a
leading provider of K-12 curriculum products, in-school core reading
programs, reading and math intervention programs, and professional
development programs for school districts throughout the United States.
Forward-Looking Statements
Some of the statements contained herein constitute forward-looking
statements. These statements relate to future events and involve known and
unknown risks, uncertainties and other factors that may cause results to
differ from any expectations expressed or implied by such forward-looking
statements. These risks and other factors you should specifically consider
include, the Board's ability to terminate or otherwise resolve the
derivative litigation, especially in light of the pendency of the
securities class actions, the SEC investigation, the previously announced
strategic process, and the uncertainty of economic conditions in general,
financial market performance, and other risks listed under "Risk Factors"
in our filings with the Securities and Exchange Commission. In some cases,
you can identify forward-looking statements by terminology such as "may,"
"should," "expects," "plans," "anticipates," "believes," "estimates,"
"predicts," "potential," "continue," "projects," "intends," "prospects,"
"priorities," or the negative of such terms or other comparable
terminology. These statements are only predictions. Actual events or
results may differ materially. The Company undertakes no obligation to
update any of these statements.
SOURCE Voyager Learning Company
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http://www.prnewswire.com/comp/108291.html / (VLCY)
CONTACT:
Media and Investors, Shannan Overbeck of
Voyager Learning Company, +1-888-399-1995, ext. 9476,
soverbeck@voyagerlearning.com
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