GWG Holdings, Inc.
A securities class action lawsuit has been filed in the USDC – N.D.TX. on behalf of purchasers of GWG Holdings, Inc. L Bonds or Preferred Stock of GWG (“GWG securities”) (OTC: GWGHQ) between December 23, 2017 and April 20, 2022, both dates inclusive (the “Class Period”). If you wish to serve as lead plaintiff, you must move the Court no later than June 2, 2023.
The Complaint alleges that throughout the Class Period, Defendants failed to disclose material adverse facts about GWG’s business, operations, and prospects. Specifically, the Individual Defendants failed to disclose to investors that
- they intended to, and did, misappropriate GWG assets to assist Defendants Heppner, and Jon and Steven Sabes launch their start-up companies, repay Beneficient Company Group L.P. (“Ben LP”) debt incurred from the transaction with Heppner’s tech company, and funnel investor funds through Ben LP to fund Heppner’s luxurious ranch and use of private jet travel;
- GWG’s life insurance investment business had failed; and
- 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 GWG securities during the Class Period and would like to receive more information or join the action, please enter your contact information below and click “Submit Your Information”
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Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
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