February 11 2011
- by Lucy Campbell
A class proceeding has been commenced in the Ontario Superior Court of Justice on behalf of persons who acquired the shares of Smart Technologies Inc. in its initial public offering conducted in July of 2010.
The lawsuit claims the Canadian manufacturer of interactive whiteboards, which are used to make classroom presentations, failed to disclose a significant decline in sales growth and poor performance of a company it had acquired.
Lead plaintiffs Robert LeFever and Gail Runnells say they bought shares in July at US$17 each, and claim the share value fell after interim financial statements were released in November.
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