London, ON: A class proceeding has been commenced in the Ontario Superior Court of Justice on behalf of persons who acquired the shares of Smart Technologies Inc. in its initial public offering conducted in July of 2010.
The lawsuit claims the Canadian manufacturer of interactive whiteboards, which are used to make classroom presentations, failed to disclose a significant decline in sales growth and poor performance of a company it had acquired.
Lead plaintiffs Robert LeFever and Gail Runnells say they bought shares in July at US$17 each, and claim the share value fell after interim financial statements were released in November.
Smart Technologies IPO Class Action Legal Help
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The lawyers representing shareholders have received their portion of the settlement. The shareholders have not received a dime.There is fraud concerning the Smart Technology settlement. The people handling this settlement refuse to distribute any funds to shareholders. This suit was settled years ago. I believe the lawyers have agreed to keep all the funds.
The court system is broken.How many excuses can they find,not to settle this deal.
A suit should be filed to investigate and prosecute the attorneys involved.
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