Johnson Fistel Files Securities Class Action Against Blaize Holdings

SAN DIEGO, Sept. 17, 2026 /CourierPR/ -- Johnson Fistel, PLLP, a shareholder rights law firm, has filed a new securities class action lawsuit on behalf of Blaize Holdings, Inc. investors. The lawsuit, titled Alyahya v. Blaize Holdings, Inc., et al., Case No. 2:26-cv-10609 (C.D. Cal.), seeks to expand the claims and class period from a previously filed action.

The lawsuit asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 on behalf of all persons and entities that purchased or otherwise acquired Blaize common stock between July 17, 2025, and August 13, 2026, inclusive. The class period includes the period during which Blaize made allegedly false and misleading statements regarding its agreements with Starshine Computing Power Technology Limited and NeoTensr.

Specifically, the lawsuit alleges that Blaize and certain of its senior executives made materially false and misleading statements concerning the company’s agreements with Starshine and NeoTensr and the extent to which those agreements supported Blaize’s revenue projections. At the start of the class period, Blaize represented that its newly announced Starshine Agreement had a minimum value of $120 million in revenue and announced 2026 revenue guidance of at least $130 million. The lawsuit alleges that these statements were materially false and/or misleading because, among other things, there was substantial uncertainty whether Starshine had the resources and operational capacity to fully perform under the Starshine Agreement and whether NeoTensr had the resources and operational capacity to issue purchase orders sufficient to generate the anticipated $50 million in first-year revenue.

On April 28, 2026, Pelican Way Research published a report raising questions concerning Blaize’s agreements with NeoTensr and Starshine, including the counterparties’ operations and resources. Following publication of the report, Blaize’s stock price fell 12%, from $2.16 per share on April 27, 2026, to $1.90 per share on April 28, 2026.

The lawsuit also asserts claims under Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 on behalf of all persons and entities that purchased or otherwise acquired Blaize common stock pursuant or traceable to the offering materials issued in connection with the Company’s May 2026 public offering. In the offering, Blaize sold 18,918,918 shares of common stock at $1.85 per share.

Blaize also disclosed that Starshine’s $8.8 million receivable remained outstanding, that there was “substantial risk” its collection efforts would not succeed, and that Blaize still had not received any purchase orders from Starshine in 2026 and did not expect further purchase orders from Starshine. Following these disclosures, Blaize’s stock price fell nearly 50%, from $1.17 per share on August 13, 2026, to $0.59 per share on August 14, 2026.

If you purchased or otherwise acquired Blaize common stock between July 17, 2025, and August 13, 2026, inclusive, or purchased Blaize common stock pursuant or traceable to the May 2026 offering, you may be able to seek appointment as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.