LOS ANGELES, Aug. 10, 2026 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises Smartsheet, Inc., (“Smartsheet” or the “Company”) (NYSE: SMAR) investors of a class action on behalf of investors that bought securities between June 1, 2024 and September 23, 2024, inclusive (the “Class Period”). Smartsheet investors have until October 5, 2026 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or join the case via https://portnoylaw.com/smartsheet-inc. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Smartsheet is a software-as-a-service company that offers its cloud-based work management platform and other professional services.
The Smartsheet class action lawsuit alleges that defendants throughout the Class Period repurchased millions of dollars’ worth of Smartsheet shares without disclosing material nonpublic information about credible offers that Smartsheet had received to acquire all of Smartsheet’s outstanding stock at significant premiums to Smartsheet’s stock price.
The complaint alleges that on January 24, 2024, Blackstone Inc. and Vista Equity Partners Management, LLC approached Smartsheet with a credible offer to acquire all of Smartsheet’s outstanding stock for $56.25 per share. Smartsheet’s board of directors allegedly rejected the initial offer, but continued discussions between July and September 2024. In April 2024, Smartsheet’s board of directors allegedly approved a share repurchase program, under which Smartsheet could repurchase up to $150 million of its outstanding common stock. According to the complaint, Smartsheet began repurchasing shares on June 1, 2024, with knowledge of Blackstone Inc. and Vista Equity Partners Management, LLC’s continued interest in acquiring Smartsheet. In total, Smartsheet allegedly repurchased 1,128,000 of its outstanding shares from unsuspecting investors for approximately $50 million between June 2024 and August 2024, despite knowing, and without disclosing, that Blackstone Inc. and Vista Equity Partners Management, LLC were proposing offers at a significant premium to Smartsheet’s then stock price. On September 24, 2024, Smartsheet allegedly announced the execution of a merger agreement for Blackstone Inc. and Vista Equity Partners Management, LLC to acquire Smartsheet for $56.50 per share.
The Smartsheet class action lawsuit further alleges that defendants made misleading statements touting this significant repurchase activity, updating investors about these buybacks during the Class Period, all with no disclosure concerning Blackstone Inc. and Vista Equity Partners Management, LLC’s credible offers to acquire Smartsheet shares at materially higher prices. As a result, Smartsheet allegedly omitted material information about the offers that Smartsheet had a duty to disclose, and defendants made material misrepresentations about Smartsheet’s repurchases, in violation of the federal securities laws.
According to the complaint, when investors learned the truth that Blackstone Inc. and Vista Equity Partners Management, LLC were willing to buy all of Smartsheet’s outstanding stock for a significant premium above the trading price, Smartsheet’s stock price climbed sharply.
The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA, NY and TX Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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