The lawsuit, filed in the United States District Court for the Central District of California, centers on a report from Pelican Way Research released on April 28, 2026. The findings suggest Blaize artificially boosted its share price by announcing a deal with NeoTensr, a counterparty only four months old at the time. The report claims the agreement, projected to generate $50 million in revenue, relied on promotional materials featuring doctored product imagery.

Following the publication of these allegations, Blaize shares dropped more than 12%, closing at $1.90 on the day of the report. The law firm Wolf Haldenstein Adler Freeman & Herz LLP is representing the plaintiffs, seeking to recover losses for shareholders affected by the company's purported misrepresentations during the specified class period.