The complaint filed by Wolf Haldenstein Adler Freeman & Herz LLP alleges that Smartsheet received an unsolicited takeover bid from a consortium of Blackstone Inc. and Vista Equity Partners as early as January 2024. Despite these pending offers reaching $56.50 per share, the company allegedly moved forward with a $150 million share repurchase program. During this window, Smartsheet bought back stock at an average price of $46.45, significantly lower than the acquisition price eventually made public in late September 2024.
In section Releases
Smartsheet Investors Face Class Action Over Undisclosed Buyout Offers
Investors who sold Smartsheet common stock between June and September 2024 are being urged to join a class action lawsuit. The litigation centers on allegations that the company repurchased its own shares at suppressed prices while concealing a lucrative acquisition offer from Blackstone and Vista Equity Partners.
By failing to disclose the acquisition interest, the company purportedly denied investors the opportunity to sell at the higher market value. The merger was finalized in January 2025 at the $56.50 per share valuation. Affected shareholders have until October 5, 2026, to apply for lead plaintiff status in the ongoing legal proceedings.
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