Investors Eye Lead Plaintiff Role in Smartsheet Securities Lawsuit

The lawsuit centers on claims that Smartsheet concealed non-public takeover bids from a private investor consortium throughout the summer of 2024. According to the complaint, the company received an offer of $56.25 per share in January 2024, which was later increased to $56.50. During this period, Smartsheet reportedly executed a $150 million share repurchase program, buying back stock at prices averaging $46.45—well below the valuation proposed by the consortium. Plaintiffs argue the company held a legal obligation to either disclose the acquisition interest or suspend its stock buybacks.

Rosen Law Firm, which is representing the action, asserts that shareholders were misled into selling stock at artificially suppressed prices before the merger announcement surfaced on September 24, 2024. The acquisition eventually finalized in January 2025 at the $56.50 price point. Investors interested in participating in the class action or serving as a lead representative must file motions with the court by the October deadline. Participation in the potential recovery does not strictly require an investor to serve as a lead plaintiff, though those who wish to act as a representative must retain qualified counsel.