Deadline for Investors: Former Shareholders of Smartsheet Inc. (SMAR) Should …

The legal firm of Robbins Geller Rudman & Dowd LLP has made an announcement pertaining to Smartsheet Inc. shareholders affected by alleged violations of sections 14(a) and 20(a) of the Securities Exchange Act of 1934 in connection with the company’s acquisition by Blackstone Inc., Vista Equity Partners Management, LLC, and the Abu Dhabi Investment Authority. Shareholders who held Smartsheet securities on the record date of October 25, 2024, and were harmed by these violations have until February 24, 2026, to potentially seek appointment as lead plaintiff in the class action lawsuit titled KaraEftimoglu v. Mader.

Smartsheet, an enterprise software company offering software-as-a-service (SaaS) work management solutions, monitored its Annual Recurring Revenue (ARR) metric, which normalized contracted recurring revenue components of its subscription services into a one-year period. Allegations in the class action lawsuit suggest that the defendants distributed a false and misleading Schedule 14A Proxy statement to solicit stockholder approval of the Merger. The complaint claims that as a result, former Smartsheet shareholders approved the Merger and received $56.50 per share in cash.

During the period covered by the Proxy, every press release and earnings call emphasized Smartsheet’s increasing ARR metric, which was presented by management as a key indicator of future financial performance. However, the complaint asserts that the Proxy failed to disclose this financially significant metric in its narrative. Additionally, it did not reveal January 2024 Forecasts prepared during routine operations, hindering shareholders from making a thorough assessment of Smartsheet’s financial outlook as compared to the company’s actual results and guidance.

Under the Private Securities Litigation Reform Act of 1995, investors who held Smartsheet securities on the record date of the Merger may seek appointment as lead plaintiff in the class action lawsuit. The lead plaintiff represents other class members in pursuing the case and can choose legal representation for the lawsuit. Participation as lead plaintiff is not a requirement to share in any potential future recovery from the Smartsheet class action lawsuit.

Robbins Geller Rudman & Dowd LLP is a renowned law firm that specializes in complex class action litigation for securities fraud and shareholder rights. The firm has a proven track record of delivering substantial financial recoveries for investors and has consistently ranked at the top in this area. With a team of 200 lawyers across 10 offices worldwide, Robbins Geller stands out as one of the largest plaintiffs’ firms globally, known for securing some of the most significant securities class action settlements in history.