On November 9, 2010, approximately three months after the IPO, Smart Technologies reported disappointing results for the second fiscal quarter, blaming slower than anticipated sales in its recently acquired NextWindow business. In addition, the Company reduced its guidance for fiscal 2011 to between $770 million to $805 million from $850 million to $885 million. On this news, the price of Smart Technologies common stock fell $4.16 per share, or approximately 31 percent, to close at $8.91 per share on November 10, 2010.About Lieff Cabraser Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last eight consecutive years. For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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 Litigation The 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.