Lawfirm Siskinds has announced a class-action lawsuit against Smart Technologies Inc., seeking $100 million in compensation for people who bought shares during the company's initial public stock offering in July.

The lawsuit claims the Calgary-based maker of interactive whiteboards — used to make classroom presentations— failed to disclose a significant decline in sales growth and poor performance of a company it had acquired.

Lead plaintiffs Robert LeFever and Gail Runnells say they bought shares in July at US$17 each, and claim the share value fell after interim financial statements were released in November.

The shares are currently worth about $9.

The suit is filed against several defendants including Smart Technologies, members of the company's board of directors, and several major banks that acted as underwriters in the offering.

Shares in Smart Technologies were down one cent to $9.09 in midday trading on the Toronto Stock Exchange.
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