NEW YORK–(BUSINESS WIRE)–#A–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against GWG Holdings, Inc. (“GWG” or the “Company”) (OTC: GWGHQ) in the United States District Court for the Northern District of Texas on behalf of all persons and entities who purchased or otherwise acquired L Bonds or Preferred Stock of GWG (“GWG securities”) between December 23, 2017, and April 20, 2022, both dates inclusive (the “Class Period”). Investors have until May 30, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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Throughout the Class Period, Defendants failed to disclose material adverse facts about GWG’s business, operations and prospects. Specifically, Defendants failed to disclose to investors that (i) they intended to, and did, misappropriate GWG assets, (ii) GWG’s life insurance investment business had failed, and (iii) 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.
If you purchased or otherwise acquired GWG securities and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.