Smartsheet (SMAR) Misleading Merger Proxy Case

S.D. New York

Court

1:24-cv-08648

Case number

09/24/2024

Class period Start

11/14/2024

Class period End

01/13/2025

Lead Plaintiff motion deadline

$SMAR stockholders filed a lawsuit against Smartsheet for misleading them about the proposed merger with Blackstone and Vista Equity Partners.
On November 4, 2024, Smartsheet released a proxy statement allegedly missing key details on conflicts and merger fairness.
Smartsheet investors can join this case to be notified about potential recovery.
Case Details:

In September 2024, Smartsheet announced a merger agreement with Blackstone and Vista, valuing the company at $56.50 per share in cash.

However, on November 4, 2024, Smartsheet issued a proxy allegedly hiding conflicts of interest with the acquiring firms.

Additionally, the fairness of the merger consideration was questioned, as the proxy did not fully explain the financial analysis used to justify the price.

Based on these events, investors filed a claim against Smartsheet, accusing it of the following:
It misrepresented the merger’s fairness and failed to disclose board conflicts of interest.
It also provided incomplete financial analysis, misleading shareholders about the merger’s true value.
Investors believe Smartsheet misled them by concealing conflicts, omitting critical financial details, and pushing through an undervalued merger deal.

Case Status

Lead Plaintiff Submission

Alleged Offence

Misleading Statements,

Failure to Disclose,

Breach of Fiduciary duty

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

09/24/2024

Filing date

11/14/2024

Lead Plaintiff Deadline

01/13/2025

Smartsheet (SMAR) Misleading Merger Proxy Case

Collecting participants…