LOS ANGELES, Jan. 19, 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 as of October 25, 2024. Smartsheet investors have until February 24, 2026 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 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 an enterprise software company providing software-as-a-service (“SaaS”) work management solutions. As a SaaS company, Smartsheet tracked its Annual Recurring Revenue (“ARR”) metric, which normalized contracted recurring revenue components of its subscription services to a one-year period.
The Smartsheet class action lawsuit alleges that in connection with Smartsheet’s solicitation of stockholder approval of the Merger, defendants issued and filed with the SEC a false and misleading Schedule 14A Proxy statement, as amended (“Proxy”). And as a direct result of the misleading Proxy, Smartsheet’s former shareholders approved the Merger and received the unfair price of $56.50 in cash for each share of Smartsheet common stock they owned, the complaint alleges.
Moreover, the Smartsheet class action lawsuit alleges among other things that every press release published and every associated earnings call during the period covered by the narrative in the Proxy touted Smartsheet’s increasing ARR metric, which management, after re-evaluating its business metrics, guided the market to rely on as the best indicator of Smartsheet’s future financial performance. Nevertheless, despite the clear materiality of this financial metric, the Proxy did not disclose this positive metric in the narrative, the complaint alleges. Nor did the Proxy disclose the January 2024 Forecasts prepared in the ordinary course of business – and not in the midst of negotiations – thereby preventing shareholders from comparing and fully assessing Smartsheet’s financial prospects, including any changes between the two sets of projections versus Smartsheet’s actual results and guidance, the Smartsheet shareholder class action alleges.
Lesley F. Portnoy, Esq.
Admitted CA, NY and TX Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
Attorney Advertising
