SVVC Investors Can Join Class Action Against Firsthand Technology for Securities Fraud

Investors Urged to Join Class Action Against Firsthand Technology Value Fund, Inc.

In a significant turn of events, investors of Firsthand Technology Value Fund, Inc. (OTC: SVVC) are being encouraged by the Schall Law Firm to participate in a class action lawsuit focused on alleged securities fraud. The firm is representing shareholders who suffered losses due to misleading statements by the company related to its financials and valuation practices.

This class action centers around claims of violations under §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, issued by the U.S. Securities and Exchange Commission. Allegations suggest that throughout the class period, which extends from January 1, 2021, to November 14, 2023, Firsthand Technology disseminated false and misleading information about the company’s financial health.

Details of the Allegations

According to the complaint filed, Firsthand Technology played a role in misleading investors by inflating its net asset value (NAV) and systematically engaging in accounting practices meant to hide failing investments. Reports indicate that the company’s actions resulted in the destruction of over $200 million in shareholder value. Misrepresentation of its NAV prompted investors to make ill-informed decisions based on deceptive data.

As the truth came to light, many investors found themselves facing substantial losses. The class action serves not only as a way for affected shareholders to seek redress but also as a critical reminder of the importance of transparency in investment communications.

Those eligible to join the lawsuit are shareholders of Firsthand Technology who purchased securities within the defined class period. To take part, investors must reach out to the Schall Law Firm by May 20, 2025, to ensure their rights are protected.

How to Join the Class Action

Interested investors are urged to contact Brian Schall of the Schall Law Firm at 310-301-3335 or via their website at www.schallfirm.com. The firm has opened discussions regarding participants' rights and recovery options at no cost.

It is important to note that the class in this action has yet to be certified, which means that until this occurs, absent members will not have representation. Choosing not to participate may limit potential recoveries.

Take Action Before It's Too Late

With ongoing investigations into Firsthand Technology’s practices and the growing concerns of investor trust, this class action presents an opportunity to hold the company accountable for its alleged misdeeds. Investors should consider their options carefully and act promptly to protect their interests.

The Schall Law Firm is recognized for its commitment to aiding investors around the globe in securities class action lawsuits. This case marks a vital juncture for Firsthand Technology investors, providing a platform for collective legal action aimed at recovering losses tied to misleading financial representations.

For more information on the case or to inquire about participating, interested parties are encouraged to reach out to the Schall Law Firm directly.

Conclusion

This class action lawsuit represents an important chance for investors of Firsthand Technology Value Fund, Inc. to reclaim their losses and advocate for fair practices in securities trading. Taking immediate action could turn the tides in favor of those who were misled during the investment process.