ALISO VIEJO, CA - July 31, 2012 - Smith Micro Software, Inc. (NASDAQ: SMSI) today announced that on May 21, 2012, the court granted Smith Micro's motion to dismiss the federal securities fraud class action that had been filed against the company shortly after the Q1 2011 guidance. The plaintiffs subsequently agreed to voluntarily dismiss the case with prejudice rather than amend their complaint. Also plaintiffs in the state and federal derivative actions have agreed to voluntarily dismiss their cases. No payments were made to any plaintiffs in connection with any of these dismissals.
"Smith Micro is pleased that all the shareholder litigation related to the guidance retracted in Q1 2011 is now over," said William W. Smith, Jr., President and Chief Executive Officer of Smith Micro Software. "With this resolution, we can turn our attention and resources toward the business of developing and delivering critical wireless solutions to market."
About Smith Micro Software, Inc.:
Smith Micro Software provides solutions that simplify, secure and enhance the mobile experience. Our product and services portfolio spans Connectivity, Policy Management, Network Control, Communications and Hosting solutions. With 30 years of experience developing world-class client and server software applications, Smith Micro helps the leading mobile network operators, device manufacturers and enterprises increase efficiency and develop high-value relationships with their customers. For more information, visit smithmicro.com.
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