#United States #Philadelphia #Securities Fraud #Berger Montague #Smartsheet Inc.

Important Deadline for Smartsheet Inc. Investors

In an important update for investors in Smartsheet Inc. (NYSE: SMAR), the national plaintiffs' law firm Berger Montague PC has announced a class action lawsuit against the company. This action is targeted at shareholders who sold Smartsheet common stock between June 1, 2024, and September 23, 2024, a crucial period referred to as the ‘Class Period.’ The law firm urges investors to seek appointment as lead plaintiffs by the fast-approaching deadline of October 5, 2026.

Background of the Case

Smartsheet, headquartered in Bellevue, Washington, operates as a software-as-a-service company, primarily known for its cloud-based work management platforms. Notably, on January 22, 2025, the company was acquired by a consortium made up of Blackstone, Inc. and Vista Equity Partners Management, LLC. This acquisition arose amid other significant interactive events regarding Smartsheet's financials.

Prior to the acquisition, Smartsheet received an unsolicited offer from Blackstone and Vista to purchase all outstanding shares for $56.25 each on January 24, 2024. This offer prompted Smartsheet's Board of Directors to approve a share buyback program worth up to $150 million in April of the same year.

On July 8, 2024, the consortium increased their offer to $56.50 per share, which they reiterated on August 21, 2024. During the Class Period, Smartsheet's stock averaged $46.45 per share, significantly below the offer made by the consortium. This discrepancy has raised concerns about the company’s practices during the negotiations.

Allegations Against Smartsheet

According to the lawsuit, while negotiations were ongoing, Smartsheet repurchased its common stock at market prices that were considerably lower than the acquisition offer provided by the consortium. The suit argues that Smartsheet should have disclosed the acquisition offer or refrained from repurchasing shares from uninformed investors. This lack of disclosure could potentially mislead investors regarding the true value of their shares at that time.

The eventual disclosure of the acquisition on September 24, 2024, confirmed that the consortium would acquire Smartsheet at $56.50 per share, which led to a notable increase in stock prices that had not been disclosed to investors who sold during the Class Period.

Call to Action for Investors

If you sold your shares of Smartsheet during the specified Class Period and wish to understand your rights better, you are advised to contact Berger Montague. You can learn about your eligibility to become a lead plaintiff representative in this crucial class action suit.

For more information, please reach out to Berger Montague’s representatives: Andrew Abramowitz at [email protected] or call (215) 875-3015, or contact Caitlin Adorni at [email protected] or (267) 764-4865.

About Berger Montague

Berger Montague is a leading law firm focused on complex civil litigation, particularly class actions and mass torts throughout the United States. With a strong track record of recovering over $50 billion for clients, the firm is well-respected in various fields, including consumer protection and securities law. Established over 55 years ago, Berger Montague continues to play a pivotal role in landmark cases, advocating for justice on behalf of its clients. The firm is headquartered in Philadelphia and operates additional offices across several major U.S. cities and Canada.

As the October 5 deadline approaches, Smartsheet investors are strongly encouraged to act quickly. This class action lawsuit represents not just a legal pursuit, but an opportunity for investors to hold the company accountable for its actions during a transformative period. Do not miss out on your chance to engage in this significant legal action.