Wildermuth Fund NAV Class Action
Analysis based on 12 articles · First reported Nov 03, 2025 · Last updated Nov 21, 2025
The class action lawsuit against Wildermuth Fund, its auditor WithumSmith+Brown, and former adviser Wildermuth Advisory, highlights significant financial misconduct and asset misvaluation. This event will likely lead to substantial losses for investors in Wildermuth Fund and could increase scrutiny on valuation practices within closed-end mutual funds and private equity investments, potentially affecting investor confidence in similar financial products.
A class action lawsuit has been filed against Wildermuth Fund, its auditor WithumSmith+Brown, investment adviser Wildermuth Advisory, and several senior officers and trustees. The lawsuit alleges violations of federal securities laws, including inflating the fund's Net Asset Value (NAV) and misrepresenting the quality of its private equity assets. The Wildermuth Fund, a closed-end mutual fund, claimed to invest in 'high quality assets' but its portfolio companies were in persistent decline. The fund's NAV significantly dropped, with a new adviser concluding in December 2023 that the fair value of private equity investments was 29% lower than previously reported by Wildermuth Advisory. By October 2024, the value of investments had fallen by 63.6% and NAV by 73.7%, leading to an 80% reduction in NAV per share by 2024. The fund's board approved a liquidation plan in June 2023, and Wildermuth Advisory was replaced in November 2023. Bleichmar Fonti & Auld LLP is representing the investors in this lawsuit, which is pending in the United States — United States District Court for the District of New Jersey.
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