Pomerantz Law Firm Announces the Filing of a Class Action Against TriplePoint Venture Growth BDC Corp. and Certain Officers – TPVG
NEW YORK, June 17, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against TriplePoint Venture Growth BDC Corp. (“TriplePoint” or the “Company”) (NYSE: TPVG), and certain officers. The class action, filed in the United States District Court for the Northern District of California, and docketed under 23-cv-02980, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired TriplePoint securities between March 4, 2020 and May 1, 2023, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased or otherwise TriplePoint securities during the Class Period, you have until August 15, 2023 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
TriplePoint is a business development company specializing in investments in venture capital-backed companies at the growth stage. It also provides debt financing to venture growth space companies, including growth capital loans, secured and customized loans, equipment financings, revolving loans and direct equity investments.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) TriplePoint had overstated the strength of its various portfolio companies and loan book, as well as the viability of its overall investment strategy; (ii) the foregoing, once revealed, was likely to have a material negative impact on the Company’s financial position and/or prospects; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On May 2, 2023, the Bear Cave released a report titled “Problems at TriplePoint Venture Growth BDC (TPVG)” (the “Bear Cave Report”). The Bear Cave Report highlighted significant issues at TriplePoint, alleging that “TriplePoint is encumbered by high fees, weak management, and a weaker loan book saddled by portfolio company bankruptcies and upside-down startups,” and asserting that “the Bear Cave believes TriplePoint’s equity may be severely impaired, if it has any value at all.”
On this news, TriplePoint’s stock price fell $1.19 per share, or 9.98%, over the following two trading sessions, to close at $10.73 per share on May 3, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980