The complaint filed by Robbins LLP centers on a series of share buybacks executed while Smartsheet executives were allegedly in active negotiations with a consortium led by Blackstone Inc. and Vista Equity Partners. Court documents indicate that while the company spent approximately $50 million to repurchase 1,128,000 shares, it failed to disclose that the consortium had proposed a buyout at $56.25 per share.

Plaintiffs contend that Smartsheet’s leadership misled the market by touting these buybacks as routine financial maneuvers, despite holding material information about a significant premium offer. The company later finalized a merger agreement with the consortium at $56.50 per share on September 24, 2024, causing a sharp rise in stock value that left those who sold during the summer period at a disadvantage. Investors seeking to serve as lead plaintiff in this litigation must submit their applications to the court by October 5, 2026.