SAN FRANCISCO, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges MSP Recovery, Inc. (NASDAQ:LIFW) investors who suffered $100k and more in losses through open market purchases and/or by not redeeming shares leading up to the de-SPAC business combination (“Business Combination”) with Lionheart Acquisition Corp. II that was consummated on or about May 20, 2022 to submit your losses now.
Class Period: Apr. 28, 2022 – Aug. 17, 2023
Lead Plaintiff Deadline: Oct. 23, 2023
Visit: www.hbsslaw.com/investor-fraud/LIFW
Contact An Attorney Now: LIFW@hbsslaw.com
844-916-0895
MSP Recovery, Inc. (LIFW) Securities Class Action:
The litigation focuses on the propriety of MSP’s financial reports and statements leading up to- and after- the Business Combination.
The complaint alleges that, unknown to investors: (1) MSP did not disclose that it was under active investigation by the U.S. SEC and Federal prosecutors; (2) certain financial information given to MSP investors was materially false and misleading; (3) MSP did not disclose the extent of its issues when it admitted that its financial results required restatement; and (4) MSP was unable to afford assigned claims on which it depends, and defrauded a major healthcare provider (Cano Health) that sold or assigned its claims to the company.
Investors began to learn the truth on July 31, 2023, when The Miami Herald reported that MSP is under federal civil and criminal investigations by the SEC and DOJ, respectively, concerning financial representations made to investors.
Then, on Aug. 1, 2023, MSP disclosed that the SEC began its investigation into the Business Combination on Aug. 11, 2022, that it subsequently received 2 SEC subpoenas on or about Mar. 1, and on May 10, 2023 related to the Business Combination and to certain previously filed financial statements, and that it received a DOJ subpoena on Mar. 10, 2023.
Most recently, on Aug. 17, 2023, MSP revealed it received an additional SEC subpoena and specified that it is in part “regarding certain funding sources of the Company prior to the Business Combination[.]”.
These events sent the price of MSP shares sharply lower.
“We’re focused on investors’ losses and proving MSP cooked its books,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in MSP and/or Lionheart and have substantial losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding MSP and/or Lionheart should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email LIFW@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
