The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action lawsuits have been brought on behalf of purchasers of the common stock of Smart Technologies, Inc. (“Smart Technologies” or the “Company”) (Nasdaq: SMT) pursuant to the Company’s initial public offering (“IPO”) of 38.8 million shares at $17.00 per share in July 2010.
If you purchased Smart Technologies common stock pursuant to the IPO, you may move the Court for appointment as lead plaintiff by no later than February 1, 2011. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in this action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in this action.
Smart Technologies shareholders that wish to learn more about this action and how to seek appointment as lead plaintiff should visit Lieff Cabraser’s website at http://www.lieffcabraser.com/cases.php?CaseID=423 or contact attorney Sharon Lee toll-free at (800) 541-7358.
Background on Smart Technologies Securities Class LitigationThe actions, pending in the United States District Court for the Southern District of New York, were brought against Smart Technologies, certain of its officers and directors, and the underwriters of the IPO, for violations of the Securities Act of 1933. Smart Technologies, based in Calgary, Alberta, designs, develops, and sells interactive technology products and solutions, including interactive whiteboards used in classrooms and offices worldwide. The actions allege that defendants failed to disclose in the IPO registration statement and prospectus that Smart Technologies’ business had been adversely affected by a slowdown in sales in the second fiscal quarter ending September 30, 2010. Company insiders were able to sell their shares of Smart Technologies in the IPO for a significant profit, reaping more than $500 million in proceeds.