Smartsheet Inc. Class Action Lawsuit - SMAR
Case Summary
Investors who suffered a loss and would like to learn more, click here to contact us.
The Smartsheet class action lawsuit seeks to represent sellers of Smartsheet Inc. (NYSE: SMAR) common stock between June 1, 2024 and September 23, 2024, inclusive (the “Class Period”). Captioned Galveston Firefighters’ Pension Fund v. Smartsheet Inc., No. 26-cv-06679 (S.D.N.Y.), the Smartsheet class action lawsuit charges Smartsheet and certain of Smartsheet’s top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Smartsheet class action lawsuit, please provide your information in the form on this page. You can also contact attorneys Ken Dolitsky or Michael Albert of Robbins Geller by calling 800/851-7783 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Smartsheet class action lawsuit must be filed with the court no later than October 5, 2026.
CASE ALLEGATIONS: Smartsheet is a software-as-a-service company that offers its cloud-based work management platform and other professional services.
The Smartsheet class action lawsuit alleges that defendants throughout the Class Period repurchased millions of dollars’ worth of Smartsheet shares without disclosing material nonpublic information about credible offers that Smartsheet had received to acquire all of Smartsheet’s outstanding stock at significant premiums to Smartsheet’s stock price.
The complaint alleges that on January 24, 2024, Blackstone Inc. and Vista Equity Partners Management, LLC approached Smartsheet with a credible offer to acquire all of Smartsheet’s outstanding stock for $56.25 per share. Smartsheet’s board of directors allegedly rejected the initial offer, but continued discussions between July and September 2024. In April 2024, Smartsheet’s board of directors allegedly approved a share repurchase program, under which Smartsheet could repurchase up to $150 million of its outstanding common stock. According to the complaint, Smartsheet began repurchasing shares on June 1, 2024, with knowledge of Blackstone Inc. and Vista Equity Partners Management, LLC’s continued interest in acquiring Smartsheet. In total, Smartsheet allegedly repurchased 1,128,000 of its outstanding shares from unsuspecting investors for approximately $50 million between June 2024 and August 2024, despite knowing, and without disclosing, that Blackstone Inc. and Vista Equity Partners Management, LLC were proposing offers at a significant premium to Smartsheet’s then stock price. On September 24, 2024, Smartsheet allegedly announced the execution of a merger agreement for Blackstone Inc. and Vista Equity Partners Management, LLC to acquire Smartsheet for $56.50 per share.
The Smartsheet class action lawsuit further alleges that defendants made misleading statements touting this significant repurchase activity, updating investors about these buybacks during the Class Period, all with no disclosure concerning Blackstone Inc. and Vista Equity Partners Management, LLC’s credible offers to acquire Smartsheet shares at materially higher prices. As a result, Smartsheet allegedly omitted material information about the offers that Smartsheet had a duty to disclose, and defendants made material misrepresentations about Smartsheet’s repurchases, in violation of the federal securities laws.
According to the complaint, when investors learned the truth that Blackstone Inc. and Vista Equity Partners Management, LLC were willing to buy all of Smartsheet’s outstanding stock for a significant premium above the trading price, Smartsheet’s stock price climbed sharply.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who sold Smartsheet common stock during the Class Period to seek appointment as lead plaintiff in the Smartsheet class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Smartsheet class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Smartsheet class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Smartsheet class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud and shareholder rights litigation. Our Firm ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report, recovering more than $916 million for investors in 2025. This marks our fourth #1 ranking in the past five years. And in those five years alone, Robbins Geller recovered $8.4 billion for investors – $3.4 billion more than any other law firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig.