According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that:
- the managers and/or service providers of Firsthand Technology Value Fund, Inc. (the “Fund”) destroyed over $200 million in shareholder value;
- defendants began inflating the value of the Fund’s remaining investments to hide further losses by calculating multi-million-dollar valuations, using facially implausible valuation methodologies, for companies that they knew were or were in the process of failing;
- these fraudulent valuations were integrated into the Fund’s publicly stated net asset value (“NAV”) and disclosed to investors; and
- as a result, purchasers of the Fund’s shares during the Class Period were damaged by significant inflation in the market price caused by the fraudulent NAVs.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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