The legal complaint filed by the Rosen Law Firm centers on a series of non-public buyout offers Smartsheet received starting in January 2024. While the company allegedly negotiated with an investor consortium that eventually raised its bid to $56.50 per share, Smartsheet simultaneously executed a $150 million share repurchase program. The lawsuit claims the company failed to inform the public of the higher acquisition offers, effectively buying back stock from unsuspecting shareholders at an average price of $46.45 per share—significantly below the valuation proposed by the consortium.
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Investors Target Smartsheet Over Undisclosed Acquisition Offers
A class action lawsuit alleges Smartsheet Inc. misled shareholders by repurchasing its own stock at suppressed market prices while concealing a lucrative acquisition bid from a private consortium. Investors who sold shares between June 1 and September 23, 2024, are now seeking compensation for the alleged failure to disclose the offer.
Shareholders who wish to serve as lead plaintiff in the case must file their motion with the court no later than October 5, 2026. Because no class has been certified yet, investors currently remain unrepresented unless they retain private counsel. Participation in any potential future recovery does not mandate serving as a lead representative, and investors retain the right to choose their own legal counsel or remain absent class members.
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