The lawsuit, filed by the Rosen Law Firm, alleges that Smartsheet failed to disclose a series of acquisition bids from an investor consortium while simultaneously buying back its own stock at market prices below those offers. According to the complaint, a consortium submitted an initial, unsolicited offer of $56.25 per share in January 2024, later raising that bid to $56.50 by July. During this period, the firm’s stock averaged $46.45 per share.

Plaintiffs contend that Smartsheet had a legal obligation to reveal these acquisition offers before executing a $150 million share repurchase program approved by its board in April 2024. The merger with the consortium ultimately closed in January 2025 at the $56.50 price point. Investors who purchased stock during the class period are eligible to participate in the action through a contingency fee arrangement, meaning no out-of-pocket costs are required to join. Interested parties must file their motion to serve as lead plaintiff with the court by the October 5 deadline.