Core Viewpoint - A class action lawsuit has been filed against Firsthand Technology Value Fund, Inc. for alleged violations of securities laws, claiming that the company misled investors and caused significant shareholder value destruction [1][4]. Group 1: Lawsuit Details - The lawsuit is based on violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 [1]. - Investors who purchased securities between January 1, 2021, and November 14, 2023, are encouraged to participate in the lawsuit [2]. - The class has not yet been certified, meaning potential participants are not yet represented by an attorney [3]. Group 2: Allegations Against the Company - The complaint alleges that the company made false and misleading statements, leading to the destruction of over $200 million in shareholder value [4]. - The company is accused of using accounting tricks to inflate the Fund's net asset value (NAV) and hide failing investments [4]. - Investors relied on the fraudulent NAV for their investment decisions, resulting in damages when the truth was revealed [4].
SVVC Investors Have Opportunity to Lead Firsthand Technology Value Fund, Inc. Securities Fraud Lawsuit with the Schall Law Firm