Wolf Haldenstein says Smartsheet stock sales case covers June-September 2024 period
Wolf Haldenstein Adler Freeman & Herz LLP says investors can contact the firm about a securities class action tied to Smartsheet stock sales during a June 1 to Sept. 23, 2024, class period.
Wolf Haldenstein Adler Freeman & Herz LLP says a securities class action has been filed over Smartsheet Inc. common stock sales during a class period from June 1, 2024, through Sept. 23, 2024.
The notice says the case centers on allegations that investors sold shares without knowing about acquisition offers and stock repurchases that the complaint says affected the market for Smartsheet stock. The firm says the lead-plaintiff deadline is Oct. 5, 2026.
According to the press release, the complaint alleges Smartsheet received an unsolicited, non-public offer on Jan. 24, 2024, from Blackstone Inc. and Vista Equity Partners Management, LLC to buy all outstanding shares for $56.25 each. The release says Smartsheet’s board later approved a share repurchase program in April 2024 authorizing up to $150 million in buybacks.
The release says the consortium raised its offer to $56.50 per share on July 8, 2024, and reiterated that price on Aug. 21, 2024. It also says the complaint alleges Smartsheet kept buying back shares in the open market while those offers were not publicly disclosed.
Wolf Haldenstein says the average stock price during the class period was $46.45 per share. The release says Smartsheet publicly disclosed the transaction with the consortium before the market opened on Sept. 24, 2024, and that the merger closed Jan. 22, 2025, with the consortium acquiring Smartsheet for $56.50 per share.
The firm describes Smartsheet as a software-as-a-service company that offers a cloud-based work management platform and professional services. The press release is framed as attorney advertising and says there is no cost or obligation to speak with an attorney.
The notice says investors who sold Smartsheet common stock during the class period may contact the firm about the case. It does not say in the release what court the suit was filed in or identify any response from Smartsheet.
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