The lawsuit alleges that Smartsheet failed to inform the public about a series of acquisition proposals from an investor consortium. According to the complaint, the company received an initial offer of $56.25 per share in January 2024, which was later raised to $56.50. During this period, Smartsheet reportedly initiated a $150 million share repurchase program, buying back stock at an average price of $46.45 per share while the acquisition offers remained undisclosed.
Investors Target Smartsheet Over Undisclosed Acquisition Bids
Investors who sold Smartsheet Inc. common stock between June and September 2024 are being sought for a class action lawsuit filed by the Rosen Law Firm. The litigation centers on claims that the company concealed buyout offers while simultaneously repurchasing its own shares at lower market prices.
Plaintiffs argue the company had a legal obligation to reveal these bids or refrain from trading its own securities while investors remained unaware of the potential premium. The merger with the consortium eventually closed in January 2025 at the $56.50 price point. Shareholders seeking to serve as lead plaintiff in this securities fraud case must file their motions with the court by October 5, 2026.
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