NEW YORK, May 01, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed against certain GWG executives and/or directors, as well as other entities, on behalf of investors who purchased or otherwise acquired certain securities of GWG Holdings, Inc. (“GWG” or the “Company”) (OTC: GWGHQ), namely GWG’s L Bonds or Preferred Stock between December 23, 2017 and April 20, 2022, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired GWG securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than June 2, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
According to the complaint, throughout the Class Period Defendants carried out a Ponzi scheme, at the expense of GWG investors by diverting hundreds of millions of dollars in GWG investor funds for their own gain. Further, the complaint alleges that Defendants’ actions rendered GWG unable to make required payments to investors, substantially destroyed the value of GWG securities and drove GWG into bankruptcy.
Additionally, the complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) they intended to, and did, misappropriate GWG assets, (2) that GWG's life insurance investment business had failed; and (3) GWG could only repay prior investors by issuing increasing amounts of securities to new investors. In essence, Defendants had turned GWG into a Ponzi Scheme.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
