Banks Escape Class Action Over $660M Smart Tech IPO

Law360, New York (August 22, 2011, 6:03 PM EDT) -- Shareholders in a class action against digital whiteboard maker Smart Technologies Inc. dropped accusations Monday that Morgan Stanley & Co. Inc. and other banks had failed to investigate the company’s financial health before its $660 million initial public offering and subsequent stock price plunge.

The lead plaintiff, a Miami public employees retirement fund, dismissed the Illinois federal court case against the bank defendants — Morgan Stanley, Deutsche Bank Securities Inc. and RBC Dominion Securities Inc. — which raked in more than $26 million in underwriting fees...
To view the full article, register now.




Case Information

Case Title

McKenna et al v. Smart Technologies, Inc. et al

Case Number



Illinois Northern

Nature of Suit



Honorable Edmond E. Chang

Date Filed

January 26, 2011

Law Firms


Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.