Notice to Pension Funds, Asset Managers, and Fiduciaries Holding HTGC During the Class Period

Institutional investors holding positions in Hercules Capital, Inc. (NYSE: HTGC) during the period from May 1, 2025 through February 27, 2026 may wish to evaluate lead plaintiff opportunities in a pending securities class action. Request an institutional investor loss assessment. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

Hercules Capital managed over $5.7 billion in assets as of December 31, 2025, making it a significant holding for funds with venture lending and private credit allocations. Following a February 27, 2026 Hunterbrook investigative report, HTGC shares declined $1.22 per share (7.9%) on unusually heavy volume.

Fiduciary Obligations and Recovery Options

Fiduciaries overseeing portfolios that included HTGC securities during the Class Period should be aware of the following:

• The lawsuit contends that the Company overstated the rigor of its deal sourcing, loan origination, and portfolio valuation processes throughout the Class Period
• A corrective report published February 27, 2026 revealed allegations that the valuation team consisted of only four individuals with limited cross-team oversight, contrary to the multi-step Board-approved process described in SEC filings
• Portfolio managers relying on reported NAV figures ranging from $11.55 to $12.13 per share during the Class Period may have made allocation decisions based on allegedly inflated valuations
• Institutional holders with fiduciary duties under ERISA or comparable standards may wish to evaluate whether participation in the lead plaintiff process is warranted
• Lead plaintiffs can shape case strategy, select counsel, and negotiate settlement terms on behalf of the class
• There is no cost or obligation to serve as lead plaintiff; the firm advances all litigation expenses

Portfolio Impact Assessment

As a Business Development Company, Hercules Capital is statutorily limited in the amount of debt investments it can make relative to its total assets and NAV. Institutional investors who sized their positions based on reported NAV or who evaluated the Company's asset coverage ratios may have relied on figures that the action claims were materially misleading. The complaint asserts the Company also misclassified portfolio investments by category, potentially distorting sector concentration analysis used by fund managers for risk monitoring.

Contact us for institutional recovery options or call (212) 363-7500.

"Institutional investors play a critical role in securities class actions. Funds that held HTGC based on its reported $5.7 billion asset base and multi-step valuation framework may have exposure that warrants careful evaluation of lead plaintiff appointment." -- Joseph E. Levi, Esq.

Case Summary

A securities class action has been filed in the United States District Court for the Northern District of California on behalf of purchasers of Hercules Capital securities between May 1, 2025 and February 27, 2026. The action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

INSTITUTIONAL INVESTOR REPRESENTATION -- Levi & Korsinsky, LLP provides sophisticated counsel to institutional investors evaluating lead plaintiff opportunities. The firm has recovered hundreds of millions of dollars. Ranked among ISS Top 50 for seven consecutive years.

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