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Abraham, Fruchter & Twersky, LLP Files Class Action Lawsuit against Smart Technologies Inc.

^{Published on 2010-12-08 07:15:35 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Abraham, Fruchter & Twersky, LLP commenced a class action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the aClassa) of investors who purchased Smart Technologies Inc. (aSMTa or the aCompanya) (NASDAQ:SMT) common stock pursuant to and/or traceable to the Companya™s July 15, 2010 Initial Public Offering.

The Complaint alleges SMT and certain of its officers and directors with violating the federal securities laws by making inaccurate and misleading statements in the Companya™s Registration Statement and Prospectus by failing to disclose that: (1) there was slower development at their NextWave acquisition due to a lack of new touch screen applications for Windows 7, and (2) revenues were declining in the second quarter of 2010 as a result. The Complaint alleges that Defendantsa™ inaccurate and misleading statements caused SMART Technologies common stock to trade at artificially high price levels.

On November 9, 2010, after the market closed, SMT announced weaker-than-expected revenue for the 2010 second quarter. In a reaction to this news and a subsequent analyst downgrade, shares of SMT fell from $13.07 per share to $8.91 per share on the following day, a drop of more than 31% on extremely heavy trading volume.

If you own shares of SMT common stock and would like to discuss this action, or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, you may contact: Jack Fruchter or Arthur J. Chen of Abraham, Fruchter & Twersky, LLP toll free at (800) 440-8986, or via e-mail at [ info@aftlaw.com ] or [ achen@aftlaw.com ].

Abraham, Fruchter & Twersky, LLP has extensive experience in securities class action cases, and the firm has been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by Institutional Shareholder Services.

Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.