Smartsheet Inc. NYSE: SMAR

A securities class action has been filed against Smartsheet Inc. (“Smartsheet” or the “Company”) (NYSE: SMAR) on behalf of investors who purchased or otherwise acquired the Company's common stock between June 1, 2024 and September 23, 2024, inclusive (the “Class Period”).

On January 24, 2024, Smartsheet received an unsolicited, non-public offer from Blackstone Inc. and Vista Equity Partners Management, LLC (together, the “Consortium”) to acquire all outstanding shares of the Company for $56.25 per share; the offer was later raised to $56.50 per share. In April 2024, Smartsheet's board approved a program to repurchase up to $150 million of its own common stock, and beginning June 1, 2024 the Company repurchased roughly 1,128,000 shares for approximately $50 million. The complaint alleges that, while the Consortium's offers remained non-public, Smartsheet continued repurchasing its own stock — at an average price of $46.45 per share during the Class Period — significantly below what the Consortium had offered, without disclosing that it had received a formal acquisition proposal or abstaining from the buybacks.

On September 24, 2024, before the market opened, Smartsheet disclosed the transaction with the Consortium. The merger closed on January 22, 2025, with the Consortium acquiring Smartsheet for $56.50 per share — well above the prices at which the Company had been repurchasing stock from investors who were unaware of the pending deal during the Class Period.