RR Investor Alert: Richtech Robotics (RR) Facing Securities Class Action Amid Questions About Possible Pump and Dump - Hagens Berman

On January 27, 2026, Richtech Robotics announced a "hands-on collaboration with Microsoft" to develop agentic AI capabilities for real-world robotic systems. The company's stock surged roughly 40% that day. The following morning, Richtech announced a $38.7 million dilutive private placement.

Two days later, the stock dropped more than 20% when Hunterbrook Media reported that Microsoft had no commercial relationship with Richtech at all.

That sequence — announcement, raise, correction — is now the subject of a securities class action lawsuit filed last week by the law firm Hagens Berman. The complaint, targeting investors who bought during the January 27–29 window, alleges that Richtech misled the market about the nature of its Microsoft engagement to artificially inflate the stock price ahead of a capital raise.

The core dispute comes down to a program called AI Co-Innovation Labs. Microsoft describes it on its website as offering "one-week long complimentary, personalized development sprints for engineering teams" — essentially, free customer training sessions. Microsoft told Hunterbrook Media the engagement was a "standard customer engagement" with "no commercial element." When Hunterbrook asked why Richtech's press release spoke of a "close collaboration" rather than a customer program, Richtech did not respond.

In Richtech's own delayed 10-K filing, dated January 20 — one week before the announcement — the company disclosed it had entered a "non-commercial technology collaboration" with Microsoft. The word "non-commercial" did not appear in the January 27 press release.

This is not the first time Richtech has faced scrutiny. In September 2025, the short-seller Capybara Research published a report calling Richtech "riddled with fraud" and "uninvestable," alleging insider self-dealing, ties to individuals under active federal investigation, and that the company rebrands off-the-shelf Chinese robots and resells them at a markup. A former partner lawsuit alleged Richtech's robots were "defective and could not operate as promised." Richtech did not publicly respond to the Capybara report.

The financial picture from the 10-K adds context. Richtech reported $5.045 million in revenue for fiscal year 2025 and a net loss of $15.754 million — nearly double the prior year's $8.14 million loss. After the Microsoft announcement, the company's market capitalization briefly exceeded $1 billion. That valuation implies investors were willing to pay roughly 200 times annual sales for a company burning through cash at that rate.

Richtech has also entered some visible partnerships. The Vegas Golden Knights NHL franchise announced a collaboration in October 2025 to explore how Richtech's service robots could be used in hospitality and fan experience at T-Mobile Arena. The company debuted a mobile humanoid robot called Dex at CES 2026, which it describes as deployment-ready by mid-2026.

The class action complaint names Reed Kathrein, a Hagens Berman partner, who said the firm is investigating "whether Richtech may have intentionally misled investors in order to accomplish the dilutive equity raise" and whether "the developments are a new flavor of AI washing."

Lead plaintiff deadline is April 3, 2026.