GWG DEADLINE ALERT: Bragar Eagel & Squire, PC reminds investors that a class action lawsuit has been filed against GWG Holdings, Inc. and encourages investors to contact the company
NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed against GWG Holdings, Inc. (“GWG” or the ” Company”) (NASDAQ: GWGH) in the United States District Court for the Northern District of Texas on behalf of all persons and entities who have purchased or otherwise acquired GWG L Bonds directly pursuant to the L bonds of GWG pursuant to the registration statement dated June 3, 2020. Investors have until April 19, 2022 to petition the Court to be named lead plaintiff in the lawsuit.
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GWG Holdings is a Dallas-based financial services company that offers alternative investment products.
GWG Holdings’ January 2022 announcement said the company had suspended interest payments to investors and was in default of $13 million. The SEC is investigating GWG Holdings and bankruptcy appears imminent.
Brokerage firms misrepresented GWG bonds as a conservative investment that could provide investors with regular payouts. Many investors were retired and unfortunately relied on GWG bonds for their income. GWG appears to have operated like a Ponzi scheme and paid interest using money from the sale of new bonds. GWG said in an 8-K filing that it “relies heavily on L bond sales to provide liquidity,” citing the lack of L bond sales as the reason for its suspension of L bond payments. ‘interests.
GWG Holdings recently received a letter from NASDAQ stating that the company is no longer in compliance with listing requirements. This follows GWG’s failure to file an annual report with the SEC. the company must submit a compliance plan to NASDAQ to remain publicly listed.
If you have purchased or otherwise acquired GWG L Bonds and have suffered a loss, are a shareholder or long-term bondholder, have information, want to know more about such claims or that you have any questions regarding this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at [email protected], by phone at (212) 355-4648, or by completing this Contact form. There is no cost or obligation for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC 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, derivatives and other complex litigation before state and federal courts across the country. For more company information, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.