Washington, DC: A class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of the purchasers of the common stock of Smart Technologies, Inc. ("SMT" or the "Company") (Nasdaq:SMT) pursuant to the Initial Public Offering ("IPO") on July 15, 2010, or bought in the open market thereafter, through November 9, 2010, inclusive (the "Class Period").
The Complaint alleges that SMT violated federal securities laws by issuing failing to disclose the following facts: (i) the recently acquired NextWindow business was not proceeding according to plan; (ii) revenues were declining in the second quarter of 2010 as a result. As a result of Defendants' misleading statements, SMT common stock traded at artificially high price levels.
In the IPO, Company insiders sold over 30 million shares, out of the 38.8 million shares sold, realizing tens of millions of dollars of profit. Then, on November 9, 2010, SMT announced weaker-than-expected revenue for the 2010 second quarter. Consequently, shares of SMT dropped more than 31% on the following day.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
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If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Smart Technologies Inc, securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.
This lawsuit has been ongoing for over seven years.This is a case of incompetence,ignorance,stupidity,and I believe fraud.
Promises have been made for years to the effect this was going to be settled.Canada seems to have dropped the ball,but there was complete negligence in the handling of this case. My claim number is 5001075. My wish is that they prosecute the person or persons responsible for this sham of the law!!!!
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