Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against TriplePoint Venture Growth BDC Corp. (“TriplePoint” or the “Company”) (NYSE: TPVG) in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased or otherwise acquired TriplePoint securities between March 4, 2020 and May 1, 2023, both dates inclusive (the “Class Period”). Investors have until August 15, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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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.
If you purchased or otherwise acquired TriplePoint shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
