SOURCE: Izard Nobel LLP

December 13, 2010 16:06 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Smart Technologies Inc.

WEST HARTFORD, CT--(Marketwire - December 13, 2010) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Smart Technologies Inc. ("SMT" or the "Company") (NASDAQ: SMT) pursuant to the Initial Public Offering ("IPO") on July 20, 2010, or bought in the open market thereafter, through November 9, 2010, inclusive (the "Class Period").

The Complaint charges SMT and certain of its officers and directors with violations of federal securities laws. Specifically, Defendants issued a Registration Statement and Prospectus in connection with the IPO that failed to disclose the following facts: (i) the recently acquired NextWindow business was not proceeding according to plan; (ii) revenues were declining in the second quarter of 2010 as a result. As a result of Defendants' misleading statements, SMT common stock traded at artificially high price levels.

In the IPO, Company insiders sold over 30 million shares, out of the 38.8 million shares sold, realizing tens of millions of dollars of profit. Then, on November 9, 2010, SMT announced weaker-than-expected revenue for the 2010 second quarter. On this news, shares of SMT fell from $13.07 to $8.91 per share on the following day, a drop of more than 31%.

If you are a member of the class, you may, no later than February 1, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit:, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: For more information about class action cases in general, please visit our website:

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