SOURCE: Brower Piven, A Professional Corporation

August 05, 2011 13:54 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in The Princeton Review, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the September 27, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Aug 5, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of purchasers of the common stock of The Princeton Review, Inc. ("Princeton Review" or the "Company") (NASDAQ: REVU) during the period between March 12, 2009 and March 11, 2011, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than September 27, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the Company's failure to disclose during the Class Period that the Company's revenues and earnings were negatively impacted by increased competition in its marketplace, including from companies with lower cost offerings; that a number of significant operational problems existed at the Company that negatively impacted its business; that the Company had shifted its focus, and a significant amount of resources, away from its core higher education readiness and Penn Foster core businesses in pursuit of unproven projects to the detriment of its business, financial performance and prospects; that contrary to the Company's public statements, the Company was not executing well on its turn-around plan; and that the Company had encountered significant problems in the higher education readiness business due to a product mix shift and increased competition. According to the complaint, after, on March 9, 2011, the Company announced that Princeton Review's President and Chief Executive Officer ("CEO"), defendant Michael Perik, resigned and that the Board appointed John M. Connolly as Interim President and CEO, and after Princeton Review issued a press release announcing its financial results for the full year 2010 showing a loss from continuing operations of $50.4 million compared to a loss of $13.9 million in 2009, the value of Princeton Review's stock declined significantly.

If you have suffered a net loss for all transactions in The Princeton Review, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    Email Contact