LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of shareholders who purchased Wildermuth Fund (“Wildermuth” or the “Fund”) (NASDAQ: WESFX, WEFCX, WEIFX) Class A (WESFX), Class C (WEFCX), and/or Class I (WEIFX) shares between November 1, 2020 through June 29, 2023, inclusive (the “Class Period”). Wildermuth investors have until December 29, 2025 to file a lead plaintiff motion.
IF YOU SUFFERED A LOSS ON YOUR WILDERMUTH FUND (WESFX, WEFCX, WEIFX) INVESTMENTS, CLICK HERE TO SUBMIT A CLAIM TO POTENTIALLY RECOVER YOUR LOSSES IN THE ONGOING SECURITIES FRAUD LAWSUIT.
You can also contact the Law Offices of Frank R. Cruz to discuss your legal rights by email at [email protected], by telephone at (310) 914-5007, or visit our website at www.frankcruzlaw.com.
What Happened?
The Wildermuth Fund (the “Fund”) was a mutual fund which purported to provide investors access to a diversified portfolio of asset classes, including private equity. Wildermuth Advisory, LLC (the “Adviser”) served as the Fund’s investment adviser.
On June 29, 2023, the Fund announced that, based upon the recommendation of the Adviser, the Board of Trustees had approved a plan of liquidation for the Fund.
On November 1, 2023, as part of liquidation, the Board replaced the Advisor with a new investment advisor.
Following this replacement, the new investment advisor undertook a review of the Fund’s assets. It determined that the fair values of several of the Fund’s investments were significantly lower than previously calculated.
By 2024, the Company’s net asset value was revised to less than $2.00 per share, an 80% reduction from its prior levels.
What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants: (1) miscalculated the fair value of the Fund’s investments without sufficient, reliable evidence to support them; (2) failed to disclose that certain portfolio companies with questionable going concern value were being propped up with monthly cash infusions by the Fund; (3) intentionally inflated the Fund’s net asset value, leading to the payment of excessive and unearned advisory fees to the Adviser; and (4) as a result, Defendants’ positive statements about the Fund’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Contact Us To Participate or Learn More:
If you purchased Wildermuth securities, wish to learn more about this action, or have any questions concerning this announcement or your rights or interests with respect to these matters, please click HERE or contact us at:
Law Offices of Frank R. Cruz
2121 Avenue of the Stars, Suite 800
Telephone: 310-914-5007
Email: [email protected]
Visit our website at: www.frankcruzlaw.com
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Frank R. Cruz
2121 Avenue of the Stars, Suite 800
Telephone: 310-914-5007
Email: [email protected]
Visit our website at: www.frankcruzlaw.com
