Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of EquipmentShare.com Inc. (“EquipmentShare” or the “Company”) (NASDAQ: EQPT) investors who purchased: (a) Class A common stock pursuant and/or traceable to the Company’s January, 2026 initial public offering (“IPO”); and/or (b) securities between January 23, 2026 and June 23, 2026, inclusive (the “Class Period”). EquipmentShare investors have until September 21, 2026 to file a lead plaintiff motion.
IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN EQUIPMENTSHARE.COM INC. (EQPT), CONTACT THE LAW OFFICES OF HOWARD G. SMITH TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT.
Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at howardsmith@howardsmithlaw.com, by telephone at (215) 638-4847 or visit our website at www.howardsmithlaw.com.
What Happened?
On January 26, 2026, EquipmentShare conducted its IPO, selling 30.5 million shares of Class A common stock at a price of $24.50 per share.
On June 24, 2026, before the market opened, Umibōzu Research, a stock market focused media outlet, published a report alleging, among other things, that “undisclosed related-party transactions . . . have netted” entities affiliated with EquipmentShare founders “at least $77 million, with the true figure potentially running substantially higher.” The report states that the Company maintains a high-net-worth individuals and family-office channel “built around three undisclosed entities – EZ Equipment Zone (‘EZ’), Bevel Financial (‘Bevel’), and Armada Fleet Management (‘Armada’).” The report details how the Company uses its OWN program to funnel significant fees and other payments to these related parties, and details a “web of 130 Schlacks-affiliated entities,” which “have further enabled [this] rampant self dealing.” The report concludes “a key reason OWN exists is to enrich the Schlacks, with interviews and corporate filings indicating they own and manage Bevel and Armada.”
On this news, EquipmentShare’s stock price fell $1.58, or 6.62%, to close at $22.30 on June 24, 2026, on unusually heavy trading volume. The stock continued to decline on the subsequent trading day, falling $2.61 or 11.7% to close at $19.69 on June 25, 2026, on unusually heavy trading volume.
By the commencement of this action, EquipmentShare stock has traded as low as $16.06 per share, a more than 34.5% decline from the $24.50 per share IPO price.
What Is The Lawsuit About?
The complaint filed in this class action alleges that in the Registration Statement and throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) the Company participated in additional undisclosed related party transactions; (2) the Company had not terminated or substantially reduce a number of the transactions with entities owned or controlled by the co-founders; (3) as a result, the Company’s financial statements were materially misleading; and (4) 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.
Contact Us To Participate or Learn More:
If you purchased EquipmentShare securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Law Offices of Howard G. Smith,
3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020,
Telephone: (215) 638-4847
Email: howardsmith@howardsmithlaw.com,
Visit our website at: www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260724190436/en/
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