HTGC Investor Alert: Hercules Capital Securities Fraud Lawsuit - Investors With Losses May Seek to Lead the Class Action After Company Allegedly Concealed Valuation Process Deficiencies: Levi & Korsinsky

Key Dates and Disclosure Events Hercules Capital Shareholders Need to Know

NEW YORK, April 29, 2026 /PRNewswire/ -- May 1, 2025: Hercules Capital reports NAV of $11.55. July 31, 2025: NAV rises to $11.84. October 30, 2025: NAV climbs to $12.05. February 12, 2026: Management touts "record-breaking performance" and NAV of $12.13. February 27, 2026: Hunterbrook Media publishes "The Myth of Hercules Capital," and shares plummet 7.9%. Between these dates, investors in Hercules Capital, Inc. (NYSE: HTGC) were allegedly purchasing shares at artificially inflated prices.

Find out if you are eligible to recover losses or contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

HTGC shares fell $1.22 per share to close at $14.21 on February 27, 2026, on unusually heavy trading volume. The window to apply for lead plaintiff closes on May 19, 2026.

May 1, 2025 — Q1 Earnings Tout Portfolio Growth Amid Alleged Valuation Gaps

Hercules Capital issued a press release reporting NAV per share of $11.55 and $1.02 billion in gross new debt and equity commitments. The quarterly report filed the same day described a Board-approved "multistep valuation process" and stated that prospective portfolio companies were "subject to completion of our due diligence and final investment committee approval process." The securities action alleges these statements omitted that the valuation team consisted of just four people with few checks or cross-team review.

July 31, 2025 — Q2 Results Show Rising NAV While Alleged Deficiencies Persisted

The Company reported NAV per share of $11.84, a 2.5% increase, and $709.1 million in gross new fundings. Once again, SEC filings repeated identical language about the multistep valuation process. As claimed in the action, no disclosure was made that deal sourcing allegedly amounted to copying investments from a venture capital firm's public website rather than conducting independent analysis.

October 30, 2025 — Q3 Earnings Continue the Pattern

Hercules reported NAV per share of $12.05, attributing the increase to "unrealized appreciation on our investment portfolio." The complaint contends this appreciation was reported by the same allegedly understaffed, under-reviewed valuation team. Non-accrual investments stood at 1.2% of the portfolio at cost.

February 12, 2026 — "Record-Breaking" Full-Year Results Announced

Management announced record total investment income of $532.5 million and $3.92 billion in new commitments, describing the results as reflecting a "differentiated approach to investing" and "disciplined underwriting." NAV per share reached $12.13, and non-accruals allegedly dropped to below 0.5%. As detailed in the action, these statements allegedly concealed that software debt was being misclassified into other categories and marked at 100 cents on the dollar despite billions-worth of software debt falling into distressed territory.

February 27, 2026 — The Corrective Disclosure

Hunterbrook Media published its report at approximately 11:00 a.m. EST. The report cited former employees who described:

• Deal sourcing that allegedly consisted of copying Google Ventures' public investment list
• A valuation team of only four people in a single reporting line
• Few checks or cross-team review of portfolio valuations
• Misclassification of software companies into non-software categories
• Software debt marked at par despite billions in industry-wide distress

HTGC shares dropped 7.9% that day on unusually heavy volume.

"Timely disclosure of material developments is fundamental to fair and efficient markets. The chronology here raises questions about whether each quarterly filing repeated the same valuation language while allegedly concealing known operational shortcomings." — Joseph E. Levi, Esq.

Submit your claim before the deadline or call (212) 363-7500.

ABOUT THE FIRM — For over two decades, Levi & Korsinsky has represented shareholders in securities class actions. Ranked in ISS Top 50 for seven consecutive years. Those wishing to serve as lead plaintiff must act by May 19, 2026.

CONTACT: Levi & Korsinsky, LLP Joseph E. Levi, Esq. Ed Korsinsky, Esq. 33 Whitehall Street, 27th Floor New York, NY 10004 [email protected] Tel: (212) 363-7500 Fax: (212) 363-7171

SOURCE Levi & Korsinsky