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, /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Smartsheet, Inc. ("Smartsheet" or the "Company") (NYSE: SMAR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.The class action concerns whether Smartsheet and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until October 5, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Smartsheet securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
A class action lawsuit has been filed, alleging that defendants, throughout the Class Period, failed to disclose material information, which artificially deflated the price of Smartsheet common stock.
On January 24, 2024, Smartsheet received an unsolicited non-public offer from Blackstone Inc. and Vista Equity Partners Management, LLC (together, the "Consortium") to purchase all the outstanding shares of Smartsheet for $56.25 per share. In April 2024, Smartsheet's Board of Directors approved a share repurchase program under which Smartsheet could repurchase up to $150 million of its outstanding stock. On July 8, 2024, the Consortium raised its offer to $56.50 per share. Subsequently, on August 21, 2024, the Consortium reiterated its offer to purchase all the outstanding shares of Smartsheet at $56.50 per share. The class action lawsuit alleges that while these offers were on the table and unknown to the investing public, Smartsheet was repurchasing its common stock at market prices significantly below the prices offered by the Consortium. Smartsheet had an obligation to disclose that it had received a formal acquisition offer from the Consortium or abstain from purchasing Smartsheet stock from unsuspecting investors.
During the Class Period (i.e., between June 1, 2024 and September 23, 2024), Smartsheet's average stock price was $46.45 per share. September 24, 2024, during pre-market hours, Smartsheet disclosed the transaction with the Consortium. The merger eventually closed on January 22, 2025, with the Consortium acquiring Smartsheet for $56.50 per share.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP