SMART Technologies, Inc. is a Canadian educational technology company that invented the SMART Board Interactive Display.

According to a press release dated December 04, 2010, the Complaint alleges that Defendants each failed to conduct an adequate due diligence investigation into the Company prior to the IPO, and they also each failed to reveal, at the time the IPO closed – which occurred almost one third of the way through the fiscal second quarter of 2011, the period ended September 30, 2010 – that the Company was not proceeding according to plan and that SMART Technologies’ sales already had been adversely impacted by a slowdown during fiscal 2Q:11 which would make it impossible for SMART Technologies to achieve its projected rates of growth, earnings, revenues, and profits.

It was only on November 9, 2010, after the close of trading – and after Company insiders liquidated over $510.51 million of their privately held shares in or in connection with the IPO – that SMART Technologies revealed the truth about the Company, including that the problems which existed at the time of the IPO would result in extremely disappointing results for the fiscal second quarter of 2011 – including a decline in quarterly profits of at least 22% – and that the outlook for the remainder of the year continued to be adversely impacted.

The following trading day, on the publication of this news, SMART Technologies stock price declined precipitously. As evidence of this, the following day, as shares of the Company resumed trading, shares of SMART Technologies fell over 30%, plummeting from $13.07 per share on November 9, 2010, to close at $8.91 per share the following day. On November 10, 2010, SMART Technologies also experienced exceptionally heavy trading volume with over 17.84 million shares traded, more than ten times the Company’s recent average daily trading volume.

On February 4, 2011, the Plaintiff in the first filed Complaint voluntarily dismissed the action without prejudice.

A similar case continues under Docket 11-CV-07673 in the Northern District of Illinois.

On June 16, 2011, the Court issued an Order appointing Lead Plaintiff and Counsel.

On August 24, 2011, the Court dismissed the underwriter Defendants from the action without prejudice.

On October 14, 2011, the Court granted the motion to transfer the case from the United States District Court for the Northern District of Illinois to the Southern District of New York.

On November 4, 2011, Plaintiffs filed an amended Complaint. Defendants filed a Motion to Dismiss the amended Complaint on January 6, 2012. On April 3, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

On April 23, 2012, Plaintiffs filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on May 11. On August 21, the Court issued an Order denying the Defendants' Motion to Dismiss.

The parties entered into a Stipulation and Agreement of Settlement on April 30, 2013. The Court granted preliminary approval of the Settlement on May 23. On September 17, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On June 6, 2018, the Court issued an Order approving distribution of the Settlement.