SMART Technologies Inc Under Investor Investigation Over Potential Securities Laws Violations

If you purchased SMART Technologies Inc (NASDAQ:SMT), including purchasers in the Company’s July 2010 Initial Public Offering, and/or if you have any information relating the investigation, you have certain options and you should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this investigation, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
SMART Technologies
Affected Securities: 
NASDAQ: SMT

An investigation on behalf of investors of SMART Technologies Inc (NASDAQ:SMT) over potential violations of Federal Securities Laws by SMART Technologies Inc and others in connection with certain business, operations and prospect statements was announced.

The investigation by a law firm concerns on whether certain business, operations and prospect statements issued by SMART Technologies Inc were false and misleading and violated Federal Securities Laws. SMART Technologies Inc 12 month Total Revenue went from $240million reported on March 31, 2007 to $647.98million reported on March 31, 2010. Its Net Income went from $25.90million to $142.03million over the same time frame.

Shares of SMART Technologies Inc (Public, NASDAQ:SMT) traded in July over $16 and decreased throughout August to $10.50 per share in September. SMT shares were able to regain some value and traded in October as high as $14.67 per share.

Then on November 10, 2010, Smart Technologies, Inc. reported its second quarter financial result for the period ended September 30, 2010. For the quarter, the Company reported three months revenue of $222.7 million and adjusted profits of $0.33 per share, missing analysts expectations for revenue of $233.8 million and profits of $0.24 per share after adjustments. Smart Technologies, Inc stated as follows: “While the company continues to execute at a high level, we have seen slower than anticipated sales in our recently acquired NextWindow business and are factoring in a more conservative growth assumption for the North American market in the second half of our fiscal year.”

On November 10, 2010, Smart Technologies’ common stock (SMT) decreased by $4.16 per share, or 32%, to close at $8.91 per share. The following trading day SMT shares closed at $8.70 per share. SMT shares closed on Friday Nov 12 at $8.42 per share.