Investors Target Smartsheet Over Hidden Acquisition Bids

The lawsuit, spearheaded by the Rosen Law Firm, centers on a period when Smartsheet allegedly kept shareholders in the dark regarding buyout interest. According to the complaint, a consortium of investors submitted an initial unsolicited offer of $56.25 per share on January 24, 2024, later increasing that bid to $56.50 by August. During this window, the company’s board reportedly authorized a $150 million share repurchase program, buying back stock at an average price of $46.45 while the higher acquisition offers remained non-public.

Plaintiffs argue that Smartsheet had a legal obligation to either disclose the existence of the Consortium’s formal bid or refrain from repurchasing shares from unsuspecting investors. The truth emerged on September 24, 2024, when the company finally disclosed the transaction. The acquisition eventually finalized in January 2025 at the $56.50 price point. Investors interested in joining the class action or serving as lead plaintiff are directed to contact Phillip Kim at the Rosen Law Firm, though no class has been certified yet and individuals retain the right to select their own counsel.