SAN DIEGO, Aug. 17, 2026 /PRNewswire/ — Robbins LLP reminds investors that a securities class action has been filed on behalf of all sellers of Smartsheet Inc. (NYSE: SMAR) common stock between June 1, 2024 and September 23, 2024 (the “Class Period”). Smartsheet is a software-as-a service company that offers its cloud-based work management platform and other professional services.
The complaint alleges that Smartsheet and certain of its senior executives violated the federal securities laws by repurchasing outstanding shares from shareholders with knowledge that a purchaser was proposing to acquire the shares at a significant premium to Smartsheet’s then stock price.
Investors who suffered losses during the Class Period may have legal rights. If you want to seek appointment as lead plaintiff, you must submit your papers to the court by October 5, 2026.
Listen to our podcast.
Why Was Smartsheet Sued?
The complaint alleges that Blackstone Inc. and Vista Equity Partners Management (the “Consortium”) approached Smartsheet on January 24, 2024, with a credible offer to acquire all the Company’s outstanding stock for $56.25 cash per share offer. Smartsheet’s board rejected the initial offer but resumed discussions between July and September 2024. On September 24, 2024, Smartsheet announced the execution of a merger agreement for the Consortium to acquire Smartsheet for $56.50 per share.
According to the complaint, Smartsheet repurchased its shares while failing to disclose it was in conversations about the Company’s acquisition by the Consortium. In total, Smartsheet repurchased 1,128,000 of its outstanding shares from unsuspecting investors for approximately $50 million between June 2024 and August 2024, despite knowing that the Consortium was proposing offers at a significant premium to Smartsheet’s then stock price.
At the same time, defendants made misleading statements touting this significant repurchase activity, updating investors about these buybacks during the Class Period, all with no disclosure concerning the Consortium’s credible offer(s) to acquire Smartsheet shares at materially higher prices. As a result, Smartsheet omitted material information about the Consortium’s offers that the Company had a duty to disclose, and defendants made material misrepresentations about Smartsheet’s repurchases, in violation of the federal securities laws.
When investors learned the truth that the Consortium was willing to buy all the Company’s outstanding stock for a significant premium above the trading price, Smartsheet’s stock price climbed sharply.
Who May Be Eligible?
The lawsuit seeks to represent investors who sold Smartsheet Inc. common stock during the applicable Class Period.
If you sold Smartsheet stock during this period and suffered investment losses, you may have rights under the federal securities laws.
What Is a Lead Plaintiff?
The lead plaintiff is the investor appointed by the court to represent the interests of the proposed class throughout the litigation. Investors do not have to serve as lead plaintiff to potentially share in any recovery if the lawsuit is successful.
Shareholders who wish to seek appointment as lead plaintiff must do so by October 5, 2026.
Does it Cost Anything to Participate?
No. Robbins LLP represents investors on a contingency fee basis. Investors never pay attorneys’ fees or litigation expenses. If there is a recovery, defendants pay fees and expenses.
Contact Robbins LLP
Investors seeking additional information about the Smartsheet Inc. securities class action may submit an inquiry through Robbins LLP’s website, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
About Robbins LLP
A recognized leader in shareholder rights litigation, Robbins LLP has helped restore more than $1 billion in value to shareholders and secured some of the largest recoveries in shareholder derivative litigation history.
“Behind everything we do is the belief that companies should be governed responsibly, fiduciaries should be held accountable, and shareholders deserve transparency and fairness,” said Brian J. Robbins, Founding Partner of Robbins LLP.
To be notified if a class action against Smartsheet Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
Attorney Advertising. Past results do not guarantee a similar outcome.
View original content to download multimedia:https://www.prnewswire.com/news-releases/robbins-llp-urges-smar-stockholders-who-lost-money-investing-in-smartsheet-inc-to-contact-robbins-llp-for-information-about-leading-the-class-action-302853292.html
SOURCE Robbins LLP
