This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,690.46 -55.52 -0.31%
S&P 500 2,103.92 -4.71 -0.22%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs