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Smart Technologies Faces Class Action Over $660M IPO

Law360 (January 27, 2011, 2:13 PM EST) -- A shareholder has hit electronic display maker Smart Technologies Inc. and three underwriters with a putative class action alleging misrepresentations of the company’s financial health ahead of a $660 million initial public offering and subsequent share price plummet.

In a complaint lodged Wednesday in the U.S. District Court for the Northern District of Illinois, Thomas McKenna accused Smart Technologies, Morgan Stanley, Deutsche Bank Securities Inc. and RBC Dominion Securities Inc. of publishing false and misleading statements in a registration statement and prospectus connected to the IPO,...
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