Levi & Korsinsky, LLP has expanded its securities class action against EquipmentShare.com Inc. (NASDAQ: EQPT) to name Co-Founder, President, and Director William (Willy) Schlacks as an individual defendant. The complaint alleges that Schlacks, along with Chief Executive Officer Jabbok Schlacks and Chief Financial Officer David Marquardt, authorized or signed the January 2026 IPO Registration Statement while omitting material facts about related-party transactions. Investors who purchased Class A common stock between January 23, 2026, and June 23, 2026, face potential losses as shares declined $8.44 per share, or more than 34.5%, from the $24.50 IPO price to a low of $16.06.

The litigation asserts claims under Section 15 of the Securities Act and Section 20(a) of the Securities Exchange Act, targeting control persons who allegedly exercised authority over misleading disclosures. The core allegation is that public filings stated related-party transactions would be terminated or substantially reduced before the offering, yet undisclosed dealings continued. These transactions involved entities affiliated with the company’s founders, specifically tied to the OWN Program and T3 platform, with at least $77 million in benefits flowing to these entities.

Key Allegations and Executive Liability

The lawsuit identifies specific founder-affiliated entities and programs central to the alleged misconduct. Plaintiffs argue that the OWN Program was used to direct fees and payments to related entities, including EZ Equipment Zone, Bevel Financial, and Armada Fleet Management. The complaint challenges statements that certain related-party transactions would be reduced, asserting that founder-affiliated entities remained tied to equipment sales, receivables, leases, and platform-related transactions throughout the class period.

Investors eligible for the class include those who purchased securities during the specified period. Serving as lead plaintiff is not required to share in any potential recovery, but interested parties must file their request by the September 21, 2026, deadline. Joseph E. Levi, Esq., can be reached at (212) 363-7500 or jlevi@levikorsinsky.com for information on joining the suit.

What the Numbers Show

The specification of $77 million in founder-affiliated transaction benefits provides a concrete metric for the alleged scale of undisclosed related-party activity. This figure, combined with the 34.5% share price decline, suggests that the market reaction was directly tied to the revelation of these structural conflicts of interest. The focus on both Section 15 and Section 20(a) liability indicates that plaintiffs’ counsel is pursuing individual accountability for senior executives, arguing that their authority over disclosures makes them personally liable for the alleged misstatements. For investors, this development highlights the risk of retroactive re-evaluation of IPO prospectus disclosures, which could lead to substantial damages if courts find the omissions were intentional or reckless.

Grabar Law Office is investigating potential claims on behalf of shareholders of EquipmentShare.com, Inc., GPGI, Inc., Photronics, Inc., and Via Transportation Inc. The law firm alleges that officers and directors at these companies may have breached their fiduciary duties through inadequate oversight, misleading disclosures, and conflicts of interest. These investigations follow federal securities class action complaints filed against each entity, prompting calls for shareholder engagement to seek corporate reforms and the return of funds.

The investigation into EquipmentShare.com, Inc. (NASDAQ: EQPT) focuses on allegations that the company failed to disclose the full extent of related-party transactions involving entities allegedly owned or controlled by its co-founders. According to the complaint, certain officers and directors breached fiduciary duties by failing to adequately oversee corporate disclosures, internal controls, and conflicts of interest. Current shareholders who purchased on or shortly after the January 23, 2026 IPO are encouraged to participate in seeking court-approved incentive awards and corporate reforms at no cost.

For GPGI, Inc., f/k/a CompoSecure, Inc. (NYSE: GPGI; CMPO), the investigation centers on the Husky Acquisition. Allegations state that defendants materially overstated Husky’s value and misrepresented its ability to achieve revenue and Adjusted EBITDA targets provided in the proxy statement. The complaint further alleges that the primary motivation for the acquisition was to generate millions of dollars in fees for Resolute Holdings and individual defendants, rather than creating long-term value for shareholders. Shareholders who purchased shares prior to November 3, 2025, are eligible to seek remedies through a shareholder governance action.

Photronics, Inc. (NASDAQ: PLAB) faces allegations that executives made materially false representations regarding strong demand for high-end IC photomask products and robust customer order patterns. The complaint asserts that the company knew but failed to disclose that customer design releases had stalled due to elevated foundry utilization, memory-related cost pressures, and operational bottlenecks. Shareholders who purchased stock before December 10, 2025, can seek recovery of damages suffered by the company and corporate governance reforms.

Via Transportation Inc. (NYSE: VIA) is under investigation for allegedly publishing materially false IPO offering documents. The complaint alleges that at the time of the September 15, 2025 IPO, the company was adding customers faster than they were generating revenue, resulting in a decline in Platform Annual Run-Rate Revenue per customer. Additionally, existing regulatory issues were allegedly omitted, which would hinder the company’s “land and expand” strategy in Germany. Shareholders who purchased shares on or shortly after the IPO are invited to join the effort for corporate reforms.

Investigation Details by Company

Shareholders interested in discussing these investigations are directed to contact Joshua Grabar at Grabar Law Office via email at jgrabar@grabarlaw.com or by phone at 267-507-6085. The firm emphasizes that participation in seeking corporate reforms and incentive awards involves no cost to the shareholders.