A securities class action has been filed in the USDC – S.D.FL. against MSP Recovery, Inc. (f/k/a Lionheart Acquisition Corp. II) (LIFW) (“MSP Recovery” or the “Company”) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired publicly traded MSP Recovery securities between April 28, 2022 through August 17, 2023, both dates inclusive (the “Class Period”).
The Complaint alleges that the Defendants made statements that were materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operations and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
- MSP Recovery did not disclose that it was under active investigation by the SEC and federal prosecutors;
- certain financial information given to investors by MSP Recovery was materially false and misleading;
- MSP Recovery did not fully disclose the extent of its issues when it admitted that its financial results would need to be restated;
- MSP Recovery was unable to afford the assigned claims on which it depends, and defrauded a major healthcare provider that sold or assigned it its claims,
- The Registration Statement contained various false or misleading statements and was negligently prepared;
- The Proxy contained false or misleading statements; and
- as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times and/or were negligently prepared, thereby harming investors.
If you purchased MSP Recovery securities during the Class Period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation 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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