SAN DIEGO, June 23, 2023 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) securities between March 4, 2020 and May 1, 2023. TriplePoint is a business development company specializing in investments in venture capital-backed companies at the growth stage.
For more information, submit a form, email Aaron Dumas, Jr., or give us a call at (800) 350-6003.
What is this Case About: TriplePoint Venture Growth BDC Corp. (TPVG) Overstated the Strength of its Portfolio and Viability of its Investment Strategy
According to the complaint, during the class period, defendants 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 at all times.
On May 2, 2023, the Bear Cave released a report titled “Problems at TriplePoint Venture Growth BDC (TPVG).” The 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, the Company's stock price fell almost 10% over the next two trading sessions, to close at $10.73 per share on May 3, 2023.
What Now: Similarly situated shareholders may be eligible to participate in the class action against TriplePoint Venture Growth BDC Corp. Shareholders who want to act as lead plaintiff for the class must file their papers by August 15, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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