BOSTON, Dec. 29, 2010 (GLOBE NEWSWIRE) -- Gilman and Pastor, LLP 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 the 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 alleges that SMT violated federal securities laws by failing 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. Consequently, shares of SMT dropped more than 31% on the following day.
If you purchased or otherwise acquired SMT shares during the Class Period, between July 20, 2010 and November 9, 2010, and either lost money on the transaction or still hold the shares, you may contact Gilman and Pastor by no later than February 1, 2011 to discuss your rights, including as to the recovery of your losses, or to obtain additional information, at www.investment-losses.com, by email at kgilman@gilmanpastor.com or by calling toll-free (888)252-0048.
Gilman and Pastor, LLP is one of the country's premier national law firms that represents institutional and individual investors in class actions, complex securities and corporate governance litigation. The firm has been a champion of investor rights for over 30 years and has been recognized for its reputation for excellence by the courts. You may retain Gilman and Pastor without financial obligation or cost to you, or you may retain other counsel of your choice.