SMART Technologies Inc under investor investigation over potential securities laws violations

Investigation on behalf of investors of SMART Technologies Inc over possible securities laws violations - SMT stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
By: Shareholders Foundation, Inc.
 
Nov. 15, 2010 - PRLog -- An investigation on behalf of investors of SMART Technologies Inc  over potential violations of Federal Securities Laws by SMART Technologies Inc and others in connection with certain business, operations and prospect statements was announced.

If you purchased SMART Technologies Inc , 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 at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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.

Those who purchased SMART Technologies Inc (Public, NASDAQ-SMT), including purchasers in the Company’s July 2010 Initial Public Offering, and/or those who have any information relating the investigation, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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Source:Shareholders Foundation, Inc.
Email:***@shareholdersfoundation.com Email Verified
Zip:92108
Tags:Smt, Smart, Smart Technologies, Nasdaq:smt, Investigation, Finance, Shareholder, Investor
Industry:Banking, Business, Financial
Location:San Diego - California - United States
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