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Roy Jacobs & Associates Announces That a Class Action Has Been Filed on Behalf of Purchasers of Smart Technologies Inc. (aSMTa)

^{Published on 2010-12-08 10:05:27 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Roy Jacobs & Associates announces that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Smart Technologies Inc. (aSMTa or the aCompanya) (NASDAQ:SMT) common stock bought in the Initial Public Offering (the aOfferinga) which closed on July 20, 2010, or bought in the open market thereafter, through November 9, 2010.

For further information, please contact Roy L. Jacobs, Esq. toll-free at 1-888-884-4490 or by e-mail to [ rjacobs@jacobsclasslaw.com ].

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 disseminated in connection with the Offering, by failing to disclose, among other things, 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 SMT common stock to trade at artificially high price levels.

In the Offering, Company insiders sold over 30 million of their own shares, out of the 38.8 million shares sold, realizing tens of millions of dollars of profit. Then, 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 bought SMT shares in the Offering which closed on July 20, 2010, or bought in the open market thereafter, through November 9, 2010, and you are interested in discussing your rights free of charge, please contact Roy L. Jacobs. Mr. Jacobs will be glad to personally speak with you.

All motions for appointment as Lead Plaintiff must be filed by February 1, 2011.