BELLEVUE, WA – August 17, 2026 (STL.News) Investors who sold Smartsheet Inc. shares during a four-month period in 2024 face an Oct. 5, 2026, deadline to seek appointment as lead plaintiff in a securities class action involving events that preceded the software company’s approximately $8.4 billion acquisition by Blackstone and Vista Equity Partners.
The case differs from many securities class actions because it primarily concerns investors who sold, rather than purchased, Smartsheet common stock before the acquisition was publicly announced.
The lawsuit, Galveston Firefighters’ Pension Fund v. Smartsheet Inc. et al., No. 1:26-cv-6679, was filed Aug. 5, 2026, in the U.S. District Court for the Southern District of New York. It seeks to represent investors who sold Smartsheet common stock between June 1, 2024, and Sept. 23, 2024, inclusive.
Importantly, Wolf Popper LLP is the law firm that filed the class action on behalf of Galveston Firefighters’ Pension Fund. Wolf Haldenstein Adler Freeman & Herz LLP, which issued the Aug. 17 investor notice that brought renewed attention to the case, is among several other securities firms currently notifying Smartsheet investors about the litigation and lead-plaintiff deadline.
The allegations have not been proven in court. Filing a lawsuit does not establish liability, and no court has determined that the company or its former executives violated federal securities law.
What the Smartsheet class action alleges
At the center of the litigation is Smartsheet’s handling of acquisition proposals before the company announced its eventual sale.
According to the complaint and Smartsheet’s subsequent transaction disclosures, a consortium involving Blackstone and Vista Equity Partners submitted a nonbinding indication of interest on Jan. 24, 2024, offering $56.25 per share in cash.
Smartsheet shares closed at $46.41 that day, making the proposal approximately 21% higher than the company’s then-current market price.
The acquisition discussions did not lead to a public announcement.
Smartsheet’s board subsequently authorized a program in April 2024 allowing the company to repurchase up to $150 million of its Class A common stock.
The lawsuit alleges that Smartsheet repurchased shares while company officials possessed nonpublic information about acquisition proposals carrying prices significantly above Smartsheet’s public-market price.
According to the complaint summarized by Wolf Popper, the acquisition consortium increased its proposal to $56.50 per share on July 8, 2024, and reiterated that offer on Aug. 21.
The plaintiffs allege that investors who sold shares during the proposed class period did so without knowing about those offers while Smartsheet allegedly possessed information that could have been material to shareholders deciding whether to sell.
These are allegations contained in pending litigation and should not be interpreted as findings that Smartsheet or any former executive acted unlawfully.
Acquisition announced at approximately $8.4 billion
Smartsheet publicly announced its acquisition agreement on Sept. 24, 2024, one day after the proposed class period ended.
Under the agreement, Blackstone and Vista Equity Partners would acquire Smartsheet in an all-cash transaction valued at approximately $8.4 billion, with shareholders receiving $56.50 per share.
That acquisition price became significant to the current litigation because investors who sold shortly before the announcement may have received substantially less than the eventual transaction value.
The lawsuit alleges that the market lacked material information about the acquisition proposals while members of the proposed class were selling their shares.
Whether the alleged nondisclosure violated federal securities laws will ultimately depend on the litigation and any court rulings.
Multiple law firms are contacting Smartsheet investors
A growing number of securities litigation firms have issued notices concerning the Smartsheet class action and the Oct. 5 lead-plaintiff deadline.
STL.News identified the following firms currently publicizing the litigation:
- Wolf Popper LLP — Filed the securities class action on behalf of Galveston Firefighters’ Pension Fund and is counsel in the pending case.
- Wolf Haldenstein Adler Freeman & Herz LLP — Issued the Aug. 17 investor notice regarding Smartsheet sellers and the Oct. 5 deadline.
- Rosen Law Firm — Has issued repeated notices advising qualifying Smartsheet sellers of the Oct. 5 lead-plaintiff deadline.
- Berger Montague PC — Is notifying investors about the filed Smartsheet class action and potential lead-plaintiff applications.
- Lowey Dannenberg P.C. — Has issued notices concerning the same case, class period and Oct. 5 deadline.
- Robbins LLP — Has informed investors about the Smartsheet class action and the allegations involving the company’s share repurchases.
- Kirby McInerney LLP — Has issued a shareholder alert concerning the Smartsheet securities lawsuit and Oct. 5 deadline.
- Pomerantz LLP — Has issued investor notices concerning the Smartsheet litigation and lead-plaintiff deadline.
- Bronstein, Gewirtz & Grossman LLC — Is notifying investors of the filed Smartsheet class action and Oct. 5 deadline.
- Bragar Eagel & Squire, P.C. — Has issued an alert announcing that a class action was filed against Smartsheet and encouraging affected investors to contact the firm.
- Kaplan Fox & Kilsheimer LLP — Has issued notices to Smartsheet sellers about the litigation and the Oct. 5 deadline to seek a leadership role.
Multiple law firms issuing notices does not mean each firm filed a separate lawsuit or represents the current named plaintiff.
The underlying case discussed here is the action filed by Wolf Popper LLP on behalf of Galveston Firefighters’ Pension Fund. Other firms may be seeking potential clients, prospective lead plaintiffs or participation in the litigation.
That distinction matters because investor alerts issued by securities law firms often use language such as “join the case,” “contact the firm,” or “secure counsel,” even when another law firm filed the underlying complaint.
Smartsheet is no longer publicly traded
The acquisition was completed on Jan. 22, 2025, following shareholder approval of the transaction.
At closing, qualifying shareholders became entitled to receive $56.50 in cash for each Smartsheet share they held, and the company ceased trading as a publicly listed company.
As a result, meaningful current technical analysis is unavailable for SMAR. Investors cannot evaluate today’s moving averages, RSI, MACD, trading volume, or other conventional technical indicators because the stock is no longer publicly traded.
For purposes of the lawsuit, the more relevant financial comparison is between the prices investors received when they sold during the June 1 through Sept. 23, 2024 class period and the $56.50-per-share acquisition consideration announced immediately afterward.
What the Oct. 5 deadline means
The Oct. 5, 2026, deadline applies to investors seeking appointment as lead plaintiff in the case.
Under the Private Securities Litigation Reform Act, an investor who falls within the proposed class may ask the court to appoint that investor as lead plaintiff.
The lead plaintiff generally represents the proposed class, works with attorneys directing the litigation, and may select counsel, subject to court approval.
Wolf Popper notes that an investor’s potential ability to participate in any future recovery does not depend upon being selected as lead plaintiff.
Investors should also understand that contacting one of the firms advertising the case does not itself establish eligibility, guarantee recovery, or mean that a court has concluded the defendants committed wrongdoing.
The litigation remains at an early stage, and the defendants can contest the allegations through motions, discovery, and subsequent court proceedings.
For former Smartsheet shareholders, the most important questions are therefore whether they sold SMAR shares between June 1 and Sept. 23, 2024, what price they received, and whether they wish to seek a leadership role before the Oct. 5 deadline.
Editorial Disclaimer: This report is based on publicly available court information, company disclosures, and announcements from securities litigation firms. Allegations contained in a civil complaint are allegations only and have not been proven. No court has determined that Smartsheet or any individual defendant committed securities fraud or other wrongdoing. STL.News does not endorse any law firm listed in this article. Investors should conduct their own due diligence when choosing legal counsel. Nothing in this report constitutes legal or investment advice.
