SMART Announces Conditional Settlement of Class Action Lawsuits
U.S. and Canadian Securities Class Action Proceedings Settled in Principle
CALGARY, Alberta, March 13, 2013 (GLOBE NEWSWIRE) -- SMART Technologies Inc.
(Nasdaq:SMT) (TSX:SMA), a leading provider of collaboration solutions,
announces that it and the other defendants have entered into an agreement in
principle with the plaintiffs in the shareholder class action lawsuits. These
include SMART Technologies Inc. Shareholder Litigation pending in the United
States District Court for the Southern District of New York, and Tucci v.
SMART Technologies Inc. et. al., pending in the Ontario Superior Court of
Justice (the "Actions").
Pursuant to the settlement terms, the parties have agreed to settle the
Actions, releasing the alleged claims and all related claims, subject to
various conditions, including appropriate class notice, court approvals and
the dismissal of related putative class claims in Harper v. SMART Technologies
Inc. et. al., currently pending in the Superior Court of the State of
The proposed settlement will be funded entirely by insurance maintained by the
The defendants entered into the settlement in principle to avoid the costs,
risks and uncertainties inherent in litigation. SMART and the other defendants
have denied and continue to deny that they have committed any violation of law
or engaged in any of the wrongful acts that were or could have been alleged in
About SMART Technologies
SMART Technologies Inc. is a leading provider of technology solutions that
enable inspired collaboration in schools and workplaces around the world by
turning group work into a highly interactive, engaging and productive
experience. SMART delivers integrated solutions of hardware, software and
services designed for superior performance and ease of use, and remains a
world leader in interactive displays.
The SMART Technologies logo is available at
Certain information contained in this press release may constitute
forward-looking information or statements. By their very nature,
forward-looking information and statements involve inherent risks and
uncertainties, both general and specific, and risks that predictions,
forecasts, projections and other forward-looking information and statements
will not be achieved. We caution readers not to place undue reliance on these
statements as a number of important factors could cause the actual results to
vary materially from the forward-looking information or statements. We do not
assume responsibility for the accuracy and completeness of the forward-looking
information or statements. Any forward-looking information and statements
contained in this press release are expressly qualified by this cautionary
© 2013 SMART Technologies. SMART Board, smarttech and the SMART logo are
trademarks or registered trademarks of SMART Technologies in the U.S. and
Please note that SMART is written in all capital letters.
CONTACT: Marina Geronazzo
Senior Public Relations Manager
SMART Technologies Inc.
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