RADNOR, Pa. & NEW YORK–(BUSINESS WIRE)–The law firms of Kessler Topaz Meltzer & Check, LLP and Bernstein Litowitz Berger & Grossmann LLP, as Co-Lead Counsel, announce that the court-appointed Lead Plaintiff represented by the firms have filed a Consolidated Complaint in the securities fraud class action lawsuit pending against Luckin Coffee Inc. (“Luckin”) (formerly trading Nasdaq: LK; now OTC: LKNCY). This action, captioned In Re Luckin Coffee Inc. Securities Litigation, Case No. 1:20-cv-01293-LJL-JLC, was filed in the United States District Court for the Southern District of New York and alleges violations of federal securities laws on behalf of Luckin investors who purchased or acquired the American Depository Shares (“ADS”) of Luckin from May 17, 2019 through April 1, 2020, inclusive (the “Class Period”), including those who purchased ADSs in or traceable to Luckin’s initial public offering on or about May 17, 2019 (the “IPO”), or Luckin’s secondary
Firsthand Technology Value Fund (SVVC) is a BDC focused on venture capital. Readers with limited familiarity with BDCs should read my recent article that serves as a primer on BDCs as well as warnings about their fees, conflicts of interest and potentially poor governance.
SVVC has been trading recently around $4 per share despite the Company’s estimate that its NAV is well over three times that amount. The next few sections briefly describe the path that eventually led to SVVC’s dismal state.
Past Bright Spots
On July 17, 2014 SVVC reported an NAV of $27.30 per share and disclosed that its top two holdings were Twitter and Facebook! But the early bright spots soon began to be overshadowed by the poor performance of other portfolio companies.
Nevertheless, on 10/19/18 SVVC announced a “Preliminary NAV of $29.18 Per Share as of September 30, 2018″ and that “Holdings Include Pivotal,