NEW YORK, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, reminds investors that a class action lawsuit has been filed on behalf of persons and entities that sold the common stock of Smartsheet Inc. (“Smartsheet” or the “Company”) between June 1, 2024 and September 23, 2024, inclusive (the “Class Period”). The lawsuit, captioned Galveston Firefighters’ Pension Fund v. Smartsheet Inc., et al., No. 26-cv-6679, is pending in the U.S. District Court for the Southern District of New York and asserts claims against Smartsheet and certain of its former executives under the Securities Exchange Act of 1934.
Smartsheet is a software-as-a-service company that offers a cloud-based work management platform and other professional services. According to the complaint, on January 24, 2024, Smartsheet received an unsolicited, non-public offer from a consortium comprised of Blackstone Inc. and Vista Equity Partners Management, LLC (the “Consortium”) to purchase all of Smartsheet’s outstanding shares for $56.25 per share. In April 2024, Smartsheet’s Board of Directors approved a share repurchase program authorizing the Company to buy back up to $150 million of its outstanding stock. On July 8, 2024, the Consortium raised its offer to $56.50 per share, and on August 21, 2024, it reiterated that offer. The complaint alleges that while these offers remained undisclosed to the investing public, Smartsheet continued to repurchase its common stock on the open market at prices significantly below the Consortium’s offers, denying unsuspecting sellers the benefit of the pending acquisition price.
During the Class Period, Smartsheet’s average stock price was $46.45 per share — well below the Consortium’s offers. On September 24, 2024, before the market opened, Smartsheet publicly disclosed the transaction with the Consortium. The merger closed on January 22, 2025, with the Consortium acquiring Smartsheet for $56.50 per share, a price significantly higher than what many Class Period sellers received on the open market.
“Investors who sold Smartsheet stock while the Company was allegedly aware of a substantially higher acquisition offer may have been denied the true value of their shares,” said attorney Andrea Farah, Lowey Dannenberg, P.C. partner and head of the firm’s securities practice.
If you sold Smartsheet common stock during the Class Period and wish to serve as lead plaintiff, or have questions about the case, contact our attorneys Andrea Farah (afarah@lowey.com) at (914) 733-7256 or Vincent R. Cappucci Jr. (vcappucci@lowey.com) at (914) 733-7278. Lead plaintiff motions must be filed with the Court no later than October 5, 2026.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
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SOURCE: Lowey Dannenberg
