Expired
Lead Plaintiff Deadline
Apr 6, 2026
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The filed complaint alleges that BlackRock TCP Capital Corp made materially false and/or misleading statements and/or failed to disclose that: (1) the Company’s investments were not being timely and/or appropriately valued; (2) the Company’s efforts at portfolio restructuring were not effectively resolving challenged credits or improving the quality of the portfolio; (3) as a result, the Company’s unrealized losses were understated; (4) as a result, the Company’s net asset value was overstated; and (5) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
In order to be eligible to join the TCPC class action lawsuit, you must have incurred a loss on shares of BlackRock TCP purchased during the class period listed above.
If you suffered a loss in BlackRock TCP during the relevant time frame or pursuant to the relevant offering(s), you have until April 6, 2026 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
A securities fraud class action has been filed against BlackRock TCP Capital Corp. (NASDAQ: TCPC) for investors who bought securities between November 6, 2024 and January 23, 2026. Filed in the U.S. District Court for the Central District of California under the Securities Exchange Act of 1934, including Section 10(b) and Rule 10b-5, investors allege the Company overstated the strength of its portfolio and net asset value (NAV) by failing to timely and properly value investments and by claiming progress on fixing troubled loans. The complaint asserts that, in reality, unrealized losses were understated and NAV was overstated while portfolio "stabilization" claims lacked a reasonable basis. The truth began to surface on February 27, 2025, when the Company revealed a sharp rise in accounts on (non-accrual status), a 22.44% year-over-year NAV drop to $9.23, and large losses; it was reinforced on January 23, 2026, when BlackRock TCP disclosed NAV per share of just $7.05 to $7.09. On these disclosures, the stock fell 9.64% to $8.44 on February 27, 2025, and later dropped 12.97% to $5.10 on January 26, 2026, leaving investors with significant losses.
“Most TCPC shareholders never file or join the class action, which means they miss out on potential recovery funds,” said Attorney Joseph Levi.
Case Name: Burnell v. BlackRock TCP Capital Corp. et al.
Case No.: 2:26-cv-01102
Jurisdiction: U.S. District Court, Central District of California
Filed on: February 3, 2026
BlackRock TCP Capital Corp. is a business development company that raises capital from investors and lends primarily to small and midsize, middle-market companies as an alternative to bank financing, with its common stock trading on the NASDAQ under ticker symbol TCPC. It seeks returns from interest and fees on largely senior secured, first-lien loans, as well as mezzanine debt and junior tranches, and to a lesser extent equity appreciation, with portfolio valuation conducted quarterly.
November 6, 2024 – January 23, 2026, inclusive.
Eligible investors include all persons and entities that purchased or otherwise acquired BlackRock TCP securities (ticker symbol TCPC) during the Class Period, and who were damaged thereby; excluded are Defendants, the Company's officers and directors at all relevant times, their immediate families and representatives, heirs, successors, or assigns, and any entity in which Defendants had or have a controlling interest. Eligible investors may be eligible to join the BlackRock TCP Capital Corp. (TCPC) class action lawsuit.
The lawsuit targets BlackRock TCP Capital Corp. and senior executives Raj Vig, Phil Tseng, and Erik L. Cuellar for alleged violations of the Securities Exchange Act of 1934. According to the complaint, they told investors the portfolio was improving and that valuations were handled appropriately, while presenting NAV figures that signaled stability, and that portfolio restructuring was resolving challenged credits. On November 6, 2024, the Company reported NAV per share of $10.11 as of September 30, 2024, down slightly from $10.20 as of June 30, and stated that the portfolio showed "signs of improvement" as non-accruals declined, even as certain markdowns nudged NAV lower. That same day, BlackRock TCP's Form 10-Q told investors all investments were valued at least quarterly, except for a small portion priced by a valuation designee that comprised less than 5% of assets.
As 2025 unfolded, management continued to stress progress. On May 8, 2025, CEO Phil Tseng said the Company made meaningful progress strengthening the portfolio and was "pleased to see signs of portfolio stabilization." On August 7, 2025, he highlighted a reduction in accounts on (non-accrual status) to 3.7% of fair value of the investment portfolio, down from 4.4% the prior quarter and 5.6% at year-end 2024. And on November 6, 2025, Tseng said the Company was encouraged by progress on priorities like resolving challenged credits and improving portfolio quality to return to historical performance levels through portfolio restructuring.
The complaint alleges a different picture beneath these statements: investments were not being timely and/or appropriately valued; portfolio valuation and NAV calculations were materially inaccurate; portfolio restructuring was not effectively resolving challenged credits or improving portfolio quality; non-performing debt investments increased; unrealized losses were understated; and, as a result, NAV was overstated. Investors allege that the positive statements about stabilization and improvement lacked a reasonable basis and misled the market during the Class Period, in violation of Section 10(b) and Rule 10b-5.
The first break came on February 27, 2025, when BlackRock TCP issued a press release revealing that the portfolio had "significantly weakened" during 2024. The number of companies on non-accrual had more than doubled, pushing debt investments on non-accrual at cost from 3.7% to 14.4%-a 289% increase. NAV fell 22.44% year over year to $9.23 per share, and total losses, realized and unrealized, jumped to $194,895,042, a 186% year-over-year increase, including an unrealized loss of $72.3 million in Q4 2024. Management acknowledged it was working with borrowers and sponsors to resolve portfolio issues that had impacted results in recent quarters, but restructuring efforts were not effectively resolving challenged credits.
Then, after market hours on January 23, 2026, the Company disclosed fourth-quarter and full-year 2025 results showing NAV per share in a range of $7.05 to $7.09-19% lower (quarter-over-quarter) and 23.4% below (year-over-year). Plaintiffs cite these disclosures to support their claim that earlier statements about quarterly valuation practices, portfolio stabilization, and progress on challenged credits lacked a reasonable basis, and that the Company had overstated net asset value while understating unrealized losses.
Investors reacted swiftly to the February 27, 2025 disclosure. On that news, BlackRock TCP's stock (NASDAQ: TCPC) fell $0.90, or 9.64%, to close at $8.44 per share on unusually heavy trading volume. After the January 23, 2026 after-hours disclosure of the steep NAV decline, the stock dropped the next trading day, January 26, 2026, by $0.76, or 12.97%, to close at $5.10 per share, again on unusually heavy volume on the NASDAQ.
The Court will issue its order for lead plaintiff and counsel in the weeks after submissions are due.
The Court will then consider motion for class certification.
The Court will later consider a motion to dismiss.
Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. No specific outcomes are guaranteed.
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