Class Action Lawsuit Filed Against Smartsheet Over Alleged Securities Fraud
A class action lawsuit has been filed against Smartsheet, Inc. (NYSE: SMAR), alleging that the company and certain officers or directors engaged in securities fraud by failing to disclose material information during a specific period from June 1, 2024, through September 23, 2024. The lawsuit claims that Smartsheet repurchased shares at prices significantly below $56.50 per share — the amount offered by an acquisition consortium led by Blackstone Inc. and Vista Equity Partners Management, LLC — without disclosing these offers to investors. The merger was eventually completed on January 22, 2025. Pomerantz LLP is representing affected shareholders in this case and has set a deadline of October 5, 2026 for potential lead plaintiffs to come forward.
Tickers: $BX
Topics: securities fraud share repurchase stock price manipulation