The Complaint alleges that in connection with Smartsheet’s solicitation of stockholder approval of the Buyout, defendants issued and filed with the SEC a false and misleading Schedule 14A Proxy statement, as amended (the “Proxy”). Defendants used the Proxy to intentionally mischaracterize Smartsheet’s financial success and performance during and in the context of Smartsheet’s sales process. Specifically, defendants deliberately cast Smartsheet’s quarterly earnings in a negative light in the Proxy, and emphasized a financial metric that it apparently made up just for the purposes of soliciting approval for the Buyout. Additionally, it was alleged that defendant Mark P. Mader failed to use reasonable care in the fulfillment of his disclosure duties.
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