Abraham, Fruchter & Twersky, LLP Files Class Action Lawsuit Against Smart Technologies Inc.
Please replace the release dated December 7, 2010 with the following corrected version due to multiple revisions.
The corrected release reads:
ABRAHAM, FRUCHTER & TWERSKY, LLP FILES CLASS ACTION LAWSUIT AGAINST SMART TECHNOLOGIES INC.
Abraham, Fruchter & Twersky, LLP commenced a class action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) of investors who purchased Smart Technologies Inc. (“SMT” or the “Company”) (NASDAQ:SMT) common stock pursuant to and/or traceable to the Company’s July 15, 2010 Initial Public Offering.The Complaint alleges SMT and certain of its officers and directors with violating the federal securities laws by making inaccurate and misleading statements in the Company’s Registration Statement and Prospectus by failing to disclose that: (1) there was slower development at their NextWave acquisition due to a lack of new touch screen applications for Windows 7, and (2) revenues were declining in the second quarter of 2010 as a result. The Complaint alleges that Defendants’ inaccurate and misleading statements caused SMART Technologies common stock to trade at artificially high price levels. On November 9, 2010, after the market closed, SMT announced weaker-than-expected revenue for the 2010 second quarter. In a reaction to this news and a subsequent analyst downgrade, shares of SMT fell from $13.07 per share to $8.91 per share on the following day, a drop of more than 31% on extremely heavy trading volume. If you purchased SMT common stock pursuant to and/or traceable to the IPO and you wish to serve as lead plaintiff in this action, you must move the Court no later than February 1, 2010. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.
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