Richtech Investors Face April 3 Deadline to Lead Lawsuits Over Disputed Microsoft Tie

Overview

• Hagens Berman, which issued a Wednesday alert, urged Richtech investors to seek lead-plaintiff status before the April 3 deadline.
• The suits focus on statements from January 27, when Richtech touted a “hands-on collaboration” through Microsoft’s AI Co-Innovation Labs and the stock jumped about 30%.
• The company, a day later on January 28, announced an at-the-market sale of 8.5 million Class B shares to an institutional investor.
• Hunterbrook Media reported at noon on January 29 that Microsoft called the engagement a standard customer program with no commercial element, and the stock fell over 20% that day and nearly 30% by January 30.
• Glancy Prongay, Levi & Korsinsky, and Berger Montague are also recruiting investors, no class has been certified, and firms are inviting whistleblowers as they probe potential AI washing under Exchange Act Sections 10(b) and 20(a) and SEC Rule 10b-5.