UPDATE
On November 14, 2024, we filed a class action lawsuit in the United States District Court for the Southern District of New York, captioned Bushansky v. Smartsheet, Inc. et al., Case No. 1:24-cv-08648-ALC, on behalf of a class (“Class”) of individuals and entities holding the common stock of Smartsheet, Inc. (NYSE: SMAR) (“Smartsheet”), as of the close of business on October 25, 2024 (“Class Period”), asserting claims under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, in connection with the proposed sale of Smartsheet to affiliates of Blackstone, Inc., Vista Equity Partners Management, LLC, and Platinum Falcon B 2018 RSC Limited, a subsidiary of the Abu Dhabi Investment Authority, in exchange for a payment of $56.50 per share in cash to Smartsheet stockholders.
A copy of the complaint may be downloaded from the right sidebar.
On November 21, 2024, we published a notice concerning the lawsuit above under the Private Securities Litigation Reform Act. Smartsheet investors are hereby notified that not later than 60 days after November 21, 2024, any member of the purported Class may move the Court to serve as lead plaintiff of the purported Class in the lawsuit.
If you wish to learn more about the class action, or if you have any questions concerning your rights or interests with respect to these matters, please complete and submit the form below.
UPDATE
We have renewed our investigation into the fairness of the proposed sale of Smartsheet, Inc. (NYSE: SMAR) (“Smartsheet”) to Vista Equity Partners and Blackstone for $56.50 per share in cash.
On September 24, 2024, Smartsheet announced that it had agreed to be sold to Vista Equity Partners and Blackstone for $56.50 per share in cash.
On November 4, 2024, Smartsheet filed a definitive proxy concerning the proposed sale with the SEC.
Based on our review of the proxy, we have renewed our investigation into whether there are any undisclosed potential conflicts of interest.
If you remain a Smartsheet shareholder and question the fairness of the price, you may contact our firm to discuss your legal rights at no charge by completing and submitting the form below.
ORIGINAL ANNOUNCEMENT
We are investigating the fairness of the proposed sale of Smartsheet, Inc. (NYSE: SMAR) (“Smartsheet”) to Vista Equity Partners and Blackstone for $56.50 per share in cash. The sales price is below the price target for Smartsheet of numerous Wall Street analysts (source: TipRanks).
If you remain a Smartsheet shareholder and question the fairness of the price, you may contact our firm to discuss your legal rights at no charge by completing and submitting the form below.
Why is there an investigation?
On September 24, 2024, Smartsheet announced that it had agreed to be sold to Vista Equity Partners and Blackstone for $56.50 per share in cash.
Notably, according to TipRanks, the sales price of $56.50 per share is below the price target for Smartsheet of numerous Wall Street analysts, including:
- Steve Enders at Citi ($63.00 per share)
- John Difucci at Guggenheim ($62.00 per share)
- Shebly Seyrafi at FBN Securities ($60.00 per share)
- Pinjalim Bora at J.P. Morgan ($60.00 per share)
- David Hynes at Canaccord Genuity ($60.00 per share)
- Michael Berg at Wells Fargo ($60.00 per share)
“We are investigating whether the Smartsheet Board of Directors acted in the best interests of Smartsheet shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Smartsheet shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”