In re SMART Technologies, Inc. Shareholder Litigation

The In re SMART Technologies, Inc. Shareholder Litigation, No. 11-CV-7673-(KBF) (the “Action”) is a class action lawsuit brought by Lead Plaintiff the City of Miami General Employees’ and Sanitation Employees’ Retirement Trust.  This Action, which was brought in the United States District Court for the Southern District of New York, alleged that there were materially untrue statements and omissions in the public offering materials issued in connection with the July 14, 2010 Initial Public Offering of SMART Technologies Inc. (“SMART”) common stock. 

SMART is a Canadian company with its principal executive offices in Calgary, Alberta.  SMART’s primary business is the manufacture and sale of its “interactive whiteboard” products, which are modern replacements for the traditional chalkboards used in schools.  The Action alleged that that SMART and the other defendants made misrepresentations in the public offering materials concerning, among other things, the demand for SMART’s interactive whiteboard products and the demand for products manufactured by SMART’s “NextWindow” subsidiary.

The parties to the Action, together with the parties to a related class action pending in the Ontario Superior Court of Justice, Tucci v. SMART Technologies Inc., et al., Court File No. CV-12-447546-00CP, reached a global settlement (the “Settlement”) of the actions for $15,250,000 in U.S. dollars in cash that has resolved all claims asserted in the respective actions.  In September 2013, the U.S. and Canadian courts approved the Settlement.

For more information about the Settlement, please read the Notice, which can be obtained from the Case Documents page. 

The claims administration process has concluded and the net settlement fund has been fully disbursed. This matter is considered closed.