Smith Micro Execs Hyped Software, Then Cashed Out: Suit

Law360, New York (December 8, 2011, 7:15 PM EST) -- Smith Micro Software Inc. board members and executives were accused Monday of lying to shareholders about the viability of one of the company's chief products, then selling off their own stock to the tune of $5.2 million.

In a shareholder derivative complaint filed Monday in California federal court, West Virginia resident Alan D. Bird accused the software company's current and former leadership — including current Smith Micro CEO and President William W. Smith Jr. and Chief Financial Officer Andrew C. Schmidt — of covering up the...
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