SMAR INVESTOR ALERT: Securities Class Action Filed Against Smartsheet Inc. – Investors Encouraged to Contact Kirby McInerney LLP
NEW YORK--( BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed on behalf of investors who sold Smartsheet Inc. (“Smartsheet” or the “Company”) (NYSE: SMAR) common stock between June 1, 2024 and September 23, 2024, inclusive (“the Class Period”).
If you sold Smartsheet shares during the Class Period, you have until October 5, 2026 to request lead plaintiff appointment. Courts do not consider lead plaintiff applications submitted after this deadline. If you choose to take no action, you may remain an absent class member. For more information about the lawsuit:
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What Is This Lawsuit About? The lawsuit alleges that Smartsheet repurchased more than 1.1 million of its shares, while failing to disclose that Blackstone, Inc. and Vista Equity Partners Management, LLC (collectively, the “Consortium”) had made credible offer(s) to acquire all of Smartsheet’s outstanding common stock shares at a price significantly above the current stock price.
Beginning in January 2024, the Consortium approached Smartsheet with an offer to acquire all of Smartsheet’s outstanding stock for $56.25 per share. Over the subsequent months, the Consortium continued to express interest in and make proposals to buy Smartsheet’s outstanding stock.
On June 1, 2024, Smartsheet began a stock repurchasing program, and, from June 2024 through August 2024, Smartsheet repurchased 1,128,000 of its outstanding shares at an average price of $44.34 per share. These shares were purchased with knowledge that the Consortium was willing to pay a per share price above the price at which Smartsheet common stock was trading.
On September 24, 2024, Smartsheet issued a press release announcing the execution of a merger agreement for the Consortium to acquire Smartsheet shares for $56.50 per share.
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The Lead Plaintiff Appointment Process. The federal securities laws permit any investor who sold eligible securities during the class period to seek appointment as lead plaintiff in a class action lawsuit. Learn more about the lead plaintiff process and eligibility requirements here. Courts typically appoint the investor(s) with the largest financial loss in the case and the ability to represent the class rather than investors with simply the largest investment portfolio. Courts regularly appoint individual investors, whether acting alone or as a group, as lead plaintiffs. The rights of any investor who bought shares during the class period are generally already protected. However, lead plaintiffs have the power to influence case strategy and have a say in settlement decisions, as well as decisions concerning allocation of settlement funds among class members.
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What Should I Do? If you sold Smartsheet shares during the Class Period, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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