Smartsheet Investors Class Action Notice Issued
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
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Source: Globenewswire
- Class Action Initiated: The Portnoy Law Firm has advised Smartsheet investors of a class action for those who purchased securities after October 25, 2024, with a deadline of February 24, 2026, for filing a lead plaintiff motion, indicating the urgency of legal action.
- False Proxy Statement Allegations: The lawsuit alleges that Smartsheet filed a false and misleading Schedule 14A Proxy statement with the SEC during the merger approval process, resulting in shareholders approving the merger at an unfair price of $56.50 per share, highlighting potential governance issues within the company.
- Concealment of Financial Metrics: The complaint claims that Smartsheet failed to disclose its Annual Recurring Revenue (ARR) metric in the Proxy, despite management considering it the best indicator of future financial performance, reflecting a lack of transparency in information disclosure.
- Undisclosed Forecasts: The lawsuit also points out that the Proxy did not include January 2024 financial forecasts, preventing shareholders from fully assessing Smartsheet's financial prospects, which may have led to investors making decisions without critical information, impacting their rights.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
