BIRMINGHAM, Ala., June 27, 2011 (GLOBE NEWSWIRE) -- Burke, Harvey & Frankowski, LLC ("BHF") announces the commencement of an investigation into Smart Technologies, Inc. ("SMT" or the "Company") to determine whether it has violated securities laws by issuing false and misleading statements to its shareholders in light of the disclosures made in the Company's May 18, 2011 earnings release.
On May 18, 2011, after the markets closed, SMT announced weaker-than-expected revenues for the fourth quarter and full year of 2010. In reaction to this news and a subsequent analyst downgrade, shares of SMT fell 23% on unusually high trading volume. We are investigating whether the Company properly disclosed its business risks and its weakening demand in its prior statements and the prospectus it issued in connection with the Company's July 15, 2010 initial public offering (the "IPO").
What You Can Do
If you are a SMT shareholder and you held shares of SMT at the time of the May 18, 2011 earnings release, you may have legal claims under the securities laws. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact Richard Frankowski at 1-888-880-9046. There is no cost to you.
About Burke, Harvey & Frankowski, LLC
Burke, Harvey & Frankowski, LLC has significant experience prosecuting claims on behalf of investors. The Birmingham, Alabama firm represents shareholders, investors and individuals in cases pending throughout the United States.