Lawsuit Deadline for Smartsheet Investors
Rosen Law Firm is reminding former stockholders of Smartsheet Inc. (SMAR) about an upcoming deadline to lead a securities lawsuit. The suit relates to the company's sale in January 2025, and investors with losses over $100,000 are being encouraged to act.
- The lawsuit alleges that Smartsheet's board issued a false and misleading proxy statement to solicit shareholder approval for the company's acquisition. - The acquisition was completed on January 22, 2025, by a consortium including Blackstone, Vista Equity Partners, and an affiliate of the Abu Dhabi Investment Authority for approximately $8.4 billion. - Shareholders received $56.50 per share in cash, a price the lawsuit claims was unfair and undervalued the company. - The core of the complaint is that the proxy materials intentionally downplayed Smartsheet's financial performance, specifically by omitting positive metrics like increasing Annual Recurring Revenue (ARR) and favorable January 2024 financial forecasts. - The lawsuit claims that defendants, including CEO Mark P. Mader, deliberately portrayed quarterly earnings negatively and used a fabricated financial metric to justify the sale price. - Shareholders of record as of October 25, 2024, are the focus of the class action. - The deadline for an investor to move the court to be appointed as lead plaintiff in the case is February 24, 2026. - Rosen Law Firm, which is publicizing the deadline, has a track record of securing hundreds of millions of dollars in settlements for investors in other securities class-action lawsuits.
