San Diego, Aug 15, 2011 (Shareholders Foundation) -- An investigation on behalf of current long term investors of The Princeton Review, Inc (NASDAQ:REVU) over possible breaches of fiduciary duties by certain directors and officers of the Princeton Review was announced.

The investigation follows a lawsuit filed for investors who purchased Princeton Review, Inc (Public, NASDAQ:REVU) shares in or traceable to the its public offering of common stock on or about April 15, 2010 and/or between March 12, 2009 and March 11, 2011 over alleged violations of Federal Securities Laws by Princeton Review.
The investigation by a law firm on behalf of current long term investors in stock of the Princeton Review, Inc (NASDAQ:REVU) concerns whether certain current and/or former officers and members of the Princeton Review board of directors and executive officers can be held liable in connection with the alleged Securities Laws violations in the lawsuit by investors who purchased Princeton Review, Inc (Public, NASDAQ:REVU) shares in or traceable to the its public offering of common stock on or about April 15, 2010 and/or between March 12, 2009 and March 11, 2011. According to the complaint filed in the U.S. District Court for the District of Massachusetts plaintiff alleges on behalf of investors who purchased their common stock of Princeton Review, Inc (Public, NASDAQ:REVU) in or traceable to its public offering of common stock on or about April 15, 2010 , and on behalf of purchasers of Princeton Review's common stock between March 12, 2009 and March 11, 2011, that the Princeton Review, Inc and certain of its officers and directors violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing materially false and misleading statements regarding its business and prospects.

On March 9, 2011, the Princeton Review, Inc announced that its President and Chief Executive Officer , defendant Michael Perik, resigned and that the Board appointed John M. Connolly as Interim President and CEO. That same day, Princeton Review Inc issued a press release announcing its financial results for the fourth quarter and full year 2010.

The price of Princeton Review stock declined 37.80% to $0.51 per share on March 10, 2011, and then declined another 23.53% on March 11, 2011, to close at $0.39 per share. Overall shares of The Princeton Review, Inc (Public, NASDAQ:REVU) fell from as high as $8.68 in 2008 to as low as $0.18 in May 2011.