Ademi LLP is investigating Smartsheet (NYSE: SMAR) for possible breaches of fiduciary duty and other violations of law in its transaction with Blackstone and Vista.
In the transaction, Smartsheet shareholders will receive only $56.50 per share in cash. The transaction agreement unreasonably limits competing transactions for Smartsheet by imposing a significant penalty if Smartsheet accepts a competing bid. Smartsheet insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Smartsheet’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.