TruGolf Holdings, Inc. (TRUG) Investors: September 28, 2026, Deadline in Securities Fraud Class Action Lawsuit - Contact Schwartz & Associates, P.C.
Did you buy or acquire TRUG Class A common stock between September 10, 2025 and May 20, 2026?
Affected TRUG Investor Summary
Who: TruGolf Holdings, Inc. (NASDAQ: TRUG)
What: Securities class action and shareholder derivative lawsuit filed
Class Period: September 10, 2025 through May 20, 2026
Deadline to Seek Lead Plaintiff Status: September 28, 2026
Key Lawsuit Allegations: Material misstatements and/or omissions concerning ongoing conversion-driven dilution, TruGolf's outstanding share count, the terms and operation of its Series A Convertible Preferred Stock, beneficial ownership, and Nasdaq listing compliance.
Investor Action: Contact Schwartz & Associates, P.C. at (918) 238-6445 or [email protected] to discuss your legal rights and recovery options.
ATLANTA, GA / ACCESS Newswire / July 29, 2026 / Schwartz & Associates, P.C., together with Utah counsel Parsons Behle & Latimer, informs investors that a securities class action lawsuit has been filed against TruGolf Holdings, Inc. ("TruGolf" or the "Company") (NASDAQ:TRUG), certain of its officers and directors, and its auditor on behalf of those who purchased or otherwise acquired TruGolf Class A common stock between September 10, 2025 and May 20, 2026, inclusive. The lawsuit also asserts shareholder derivative claims on behalf of TruGolf against certain officers, directors, preferred investors, and related parties. The lawsuit is filed in the United States District Court for the District of Utah and is captioned LaChance v. TruGolf Holdings, Inc., et al., Case No. 1:26-cv-00119-JNP, formerly Case No. 2:26-cv-00695. Investors have until September 28, 2026, to file for lead plaintiff status.
CONTACT SCHWARTZ & ASSOCIATES, P.C. TO DISCUSS YOUR LEGAL RIGHTS:
If you purchased or otherwise acquired TruGolf Class A common stock during the Class Period and lost money on your investment, please contact Schwartz & Associates, P.C. at [email protected] or (918) 238-6445.
You can also contact attorney Lou Schwartz by calling (918) 238-6445 or by email at [email protected]. There is no cost or obligation to speak with an attorney.
TRUGOLF HOLDINGS, INC. CLASS ACTION LAWSUIT - COMPLAINT ALLEGATION SUMMARY:
The Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose material adverse facts concerning TruGolf's capital structure, Series A Convertible Preferred Stock, financial reporting, and Nasdaq listing compliance. Specifically, the Complaint alleges that Defendants misrepresented and/or failed to disclose that: (1) Series A preferred investors were continuously converting their preferred shares into increasing numbers of Class A shares at floating and ratcheting conversion prices, causing massive ongoing dilution that Defendants continued to describe as a contingent or hypothetical future risk; (2) because each conversion required a written notice delivered to TruGolf, the Company received real-time information concerning the conversion activity, the number of shares being issued, and the resulting dilution of its public shareholders; (3) although TruGolf stated that it was "unable to quantify" the maximum number of Class A shares issuable upon conversion, the Company possessed information that would have allowed it to disclose the shares already issued, remaining stated value, accrued dividends, then-effective conversion price, required share reserve, pending conversion notices, and potential issuances at representative market prices; (4) TruGolf's April 15, 2026 Form 10-K overstated the number of its outstanding Class A shares by 480,504 shares, or approximately 52%, and the Company published additional irreconcilable Class A share counts for identical reporting dates; (5) TruGolf's proxy materials failed to disclose the scale and foreseeable consequences of the Class A share issuances being authorized, including that the required share reserve would consume approximately 82% of the Company's remaining authorized Class A shares and expose the Company to continued dilution and Nasdaq listing risk; (6) TruGolf's April 30, 2026 Form 10-K amendment purported to identify every person known by the Company to beneficially own more than 5% of its stock while omitting the ATW-related investors whose outstanding Schedule 13G reported beneficial ownership of 9.9%; and (7) TruGolf failed to disclose the complete economic operation of the Series A Preferred Stock, including its alternate conversion prices, triggering-event provisions, default rate, floor price, five-year dividend make- whole provisions, and the number of discounted Class A shares issued through those provisions.
The Complaint alleges that this financing and the related misstatements caused TruGolf's Class A share count to more than double in less than five months, forced the Company to complete two reverse stock splits, and contributed to a decline of more than 98% in the split-adjusted price of TruGolf's Class A common stock.
The Complaint asserts claims under Sections 11 and 15 of the Securities Act of 1933, Sections 10(b), 14(a), and 20(a) of the Securities Exchange Act of 1934, and SEC Rules 10b-5 and 14a-9.
Why Did TruGolf's Stock Drop?
After numerous declines in TruGolf's stock price relating to the conversion-driven dilution and the partial disclosure of TruGolf's true capital position, the Class Period ended on May 20, 2026. On that day, TruGolf disclosed stockholders' equity of $2,508,089, only $8,089, or approximately three-tenths of one percent, above Nasdaq's $2.5 million continued-listing threshold.
TruGolf remained subject to a Nasdaq Mandatory Panel Monitor under which any new deficiency could result in expedited delisting proceedings. The Complaint alleges that, as these facts reached the market and the concealed risks materialized, TruGolf investors suffered substantial losses.
TruGolf's Class A common stock declined by more than 98% on a split-adjusted basis over the relevant period.
WHAT TRUGOLF HOLDINGS, INC. INVESTORS CAN DO NOW:
File to be lead plaintiff by September 28, 2026.
Contact Schwartz & Associates, P.C. for a free case evaluation. There is no cost or obligation to speak with counsel.
Retain counsel of your choice or take no action.
THE LEAD PLAINTIFF PROCESS FOR TRUGOLF HOLDINGS, INC. INVESTORS:
TruGolf investors may, no later than September 28, 2026, seek to be appointed as a lead plaintiff representative of the Class through Schwartz & Associates, P.C. or other counsel, or may choose to do nothing and remain an absent Class member. A lead plaintiff is a representative party who acts on behalf of all Class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors with the largest financial interest and who are also adequate and typical of the proposed Class. The lead plaintiff selects counsel to represent the lead plaintiff and the Class. These attorneys, if approved by the Court, serve as lead or Class counsel. Your ability to share in any recovery is not affected by the decision whether to serve as a lead plaintiff.
Schwartz & Associates, P.C. encourages TruGolf investors to contact the firm for more information.
ABOUT SCHWARTZ & ASSOCIATES, P.C.:
Schwartz & Associates, P.C. is an Atlanta-based corporate and securities law firm. The firm represents investors, executives, directors, and businesses in matters involving securities law, corporate governance, mergers and acquisitions, capital markets, and complex commercial disputes.
Schwartz & Associates, P.C. filed the Complaint together with Parsons Behle & Latimer, which serves as Utah counsel in the action. The Court has not appointed a lead plaintiff or lead counsel, certified the proposed Class, or ruled on the merits of the claims. All allegations remain subject to proof.
May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.
Contacts
Lou Schwartz
Schwartz & Associates, P.C. (918) 238-6445
81 East Andrews Drive Atlanta, GA 30305 [email protected]
SOURCE: Schwartz & Associates, P.C.