Smith Micro Misled Investors, Inflated Stock: Suit

Law360, New York (July 1, 2011, 6:30 PM EDT) -- A proposed class of shareholders sued Smith Micro Software Inc. on Wednesday in California, claiming the company lied about how the wireless industry's switch from 3G to 4G technology would affect business and accusing two executives of insider trading.

The proposed class, which includes everyone who bought Smith Micro stock between Nov. 3, 2010, and May 4, 2011, accused Smith Micro of making false statements about its business prospects and failing to disclose negative trends in reports to the U.S. Securities and Exchange Commission.

The proposed...
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