Overview
- Plaintiff firms including Kaplan Fox, the Rosen Law Firm and Pomerantz have announced class action claims that Smartsheet repurchased shares while a private acquisition offer existed and are soliciting investors to join the cases.
- The complaints say the proposed class covers sellers who traded between June 1, 2024 and September 23, 2024 and allege the buyers were a consortium led by Blackstone and Vista.
- Firms allege Smartsheet’s board approved a repurchase program in April 2024 and that the company repurchased stock at market prices substantially below the consortium’s offer, with the transaction disclosed to the public in September 2024 and the merger later closing in January 2025.
- No class has been certified and the filings so far are solicitations; investors who want to move for lead‑plaintiff status must do so by October 5, 2026.
- If a court finds defendants had a duty to disclose the offer or halt repurchases, affected sellers could recover losses and the litigation could prompt closer scrutiny of how companies disclose buyback activity during takeover talks.