Pomerantz says Smartsheet investors face Oct. 5 lead-plaintiff deadline
Pomerantz LLP says a class action has been filed against Smartsheet over alleged securities-law disclosure failures tied to a proposed acquisition and share buybacks.
Pomerantz LLP said on Aug. 20 that a class action has been filed against Smartsheet, Inc. and that investors who bought or otherwise acquired Smartsheet securities during the stated class period may ask the court to appoint a lead plaintiff by Oct. 5, 2026.
The notice says the case concerns allegations that Smartsheet and certain officers and or directors failed to disclose material information tied to a proposed acquisition and stock repurchases. Pomerantz said those alleged omissions artificially deflated Smartsheet common stock.
According to the notice, the proposed buyer group was Blackstone Inc. and Vista Equity Partners Management, LLC. Pomerantz said the consortium made an unsolicited non-public offer on Jan. 24, 2024 to buy all outstanding shares for $56.25 each, then raised the offer to $56.50 on July 8, 2024 and reiterated that price on Aug. 21, 2024.
The alert also says Smartsheet’s board approved a share repurchase program in April 2024 authorizing up to $150 million of stock buybacks. It alleges the company repurchased shares at market prices below the consortium’s offer prices while the acquisition talks were not public.
Pomerantz said the class period ran from June 1, 2024 through Sept. 23, 2024. The notice says Smartsheet’s average stock price during that span was $46.45 a share and that the company disclosed the transaction with the consortium on Sept. 24, 2024 during pre-market hours. It also says the merger closed on Jan. 22, 2025 at $56.50 per share.
The investor alert says a copy of the complaint can be obtained at pomerantzlaw.com and gives contact information for Danielle Peyton at Pomerantz for investors seeking more details.
The deadline to ask the court to appoint a lead plaintiff is Oct. 5, 2026, according to the notice.
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