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...
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