Smith Micro Software Inc. ("Smith" or the Company) is an American company that offers enterprise and consumer-level software.

According to a press release dated June 29, 2011, the Defendant Company and certain of its officers and directors violated sections of the Securities Exchange Act of 1934.

The Complaint alleges that during the Class Period, Defendants issued materially false and misleading statements regarding the Company’s business prospects and financial results. As a result of Defendants’ false statements, the Company’s stock traded at artificially inflated prices during the Class Period, reaching a high of $16.87 per share on January 5, 2011.

On February 8, 2011, the Defendant issued a press release announcing suspension of its 2011 full-year revenue guidance. The Company further reported it expected revenue to be in the range of $15 to $20 million for the first quarter of 2011 due to an expected significant reduction in orders for its core Connection Manager product from its key customer. On this news, the Defendant’s stock dropped $4.56 per share to close at $8.50 per share on February 9, 2011. Then, on May 4, 2011, the Company issued a press release announcing its first quarter 2011 financial results, reporting a net loss of ($7.8 million), or ($0.22) diluted earnings per share. On this news, the Smith stock declined another $1.60 per share to close at $5.66 per share on May 5, 2011, a one-day decline of 22% on high volume.

Based on these allegations, the Complaint charges violations of Section 10(b) of the 1934 Act and Rule 10b-5 and Section 20(a) of the 1934 Act against all Defendants.

On October 17, 2011, the Court issued an order appointing lead Plaintiffs and approving the selection of lead Counsel. On December 15, the lead Plaintiffs filed their consolidated amended Complaint.

On May 21, 2012, the Court issued an order granting Defendants' motion to dismiss. Plaintiffs were given leave to file an amended pleading.

On July 19, 2012, the parties filed a Stipulation. Plaintiffs agreed to dismiss Defendants with prejudice from this action. On August 16, the Court issued the Order dismissing this action pursuant to the Stipulation.