SOURCE: Milberg LLP

December 09, 2010 14:40 ET

Milberg LLP Announces the Filing of a Securities Class Action Lawsuit Against SMART Technologies Inc.

NEW YORK, NY--(Marketwire - December 9, 2010) - A class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of purchasers of SMART Technologies Inc. ("SMART Technologies" or the "Company") (NASDAQ: SMT) common stock pursuant to its July 2010 initial public offering ("IPO") of 38.8 million shares at $17 per share.

The complaint alleges that SMART Technologies violated the Securities Act by failing to disclose in the IPO registration statement and prospectus that sales had been adversely impacted by a slowdown during the second quarter of fiscal year 2011. Insiders sold over $500 million worth of Company stock in the IPO.

On November 9, 2010, just three months after the IPO, SMART Technologies reported that its second quarter financial results fell below analyst estimates and reduced its 2011 revenue forecast to the range of $770 million to $805 million, down from $850 million to $885 million.

In response, shares of SMART Technologies fell over 30% to $8.91 per share.

If you purchased SMART Technologies common stock pursuant to the IPO, you may, no later than February 1, 2011, file a motion with the Court to appoint you lead plaintiff. A lead plaintiff is a representative party that directs the litigation, and will be the movant that the Court determines to have the largest financial interest in the litigation with claims typical of those of other class members and the ability to adequately represent the class. Your share in any recovery will not be enhanced by serving as a lead plaintiff. You do not need to be a lead plaintiff to recover in a class action; you can recover as an absent class member. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover as an absent class member. The complaint in this action was not filed by Milberg.

Founded in 1965, Milberg has offices in New York, Los Angeles, Tampa, and Detroit. The Firm has litigated landmark cases and recovered billions for shareholders and consumers. Our website (www.milberg.com) has additional information.

You can contact the following attorney for more information:

Contact Information

  • Andrei V. Rado, Esq.
    Milberg LLP
    One Pennsylvania Plaza, 49th Fl.
    New York, NY 10119-0165
    Phone number: (800) 320-5081
    Email: contactus@milberg.com

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