Investors Eye Smartsheet Fraud Lawsuit Ahead of October Deadline

The lawsuit, filed by the Rosen Law Firm, alleges that Smartsheet failed to disclose a series of acquisition bids from an investor consortium during 2024. According to court filings, the consortium offered $56.25 per share in January 2024, later increasing the bid to $56.50. During this window, Smartsheet reportedly repurchased its own stock at market prices averaging $46.45, significantly lower than the acquisition offers on the table. Plaintiffs argue the company had a legal obligation to either disclose these offers or halt its internal buyback program.

Eligible shareholders are not required to pay out-of-pocket fees to participate, as the case proceeds under a contingency arrangement. Those wishing to serve as lead plaintiff must file their motion with the court by October 5, 2026. While the merger ultimately closed in January 2025 at the $56.50 price point, the current action seeks compensation for investors who sold shares while the acquisition offers remained undisclosed. Prospective class members can contact Phillip Kim at the Rosen Law Firm for further legal guidance regarding their rights.