update 2-tcw group raises stake in smart technologies - interactive digital whiteboard

* The Previous shares were 11.
6% * Nearly half of the July IPO's smart stock trading (
Smart was added to declined comments. In U. S.
USD unless indicated)
Toronto, December 10Reuters)-
International asset management firm TCW Group Inc. has increased its stake in Smart Technologies SMA, a Canadian digital whiteboard manufacturer. TO SMT. O to 19.
According to a document submitted by the SEC on Friday, 7%.
Los Angeles-
There are 11 headquarters funds that manage $111 billion in assets.
As of now, the company has a 6% stake. 30.
The fund was unable to comment immediately.
The company also declined to comment on the United States. S.
The group nearly doubled its shares.
The interactive whiteboard of the software company allows users to write, project, save and share notes, images, and websites.
Most of its income comes from the education sector.
In July, smart technology was listed on the Toronto Stock Exchange and Nasdaq, raising $0. 66 billion.
Initial public offering is $17 per share.
This is by far the largest IPO on Nasdaq.
But since then, the company's shares have fallen sharply due to market turmoil and some disappointing quarterly financial results.
Some analysts expressed concerns and said Smart should expand its corporate and government operations.
The stock is $9.
C $9 on Nasdaq.
In Toronto on Friday afternoon.
The sharp fall since July prompted some investors buying IPOs to file a lawsuit in a New York court this week, claiming that the company failed to disclose a slowdown in sales when filing its prospectus.
The class action also complained that corporate insiders had sold more than $0. 5 billion worth of shares in about 38 IPOs.
8 million shares.
Smart declined to comment on the lawsuit.