NEW YORK, May 27, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of nvestors in the preferred shares and/or L bonds of GWG Holdings, Inc. (“GWG” or the “Company”). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether certain of GWG’s officers and/or directors have engaged in securities fraud or other unlawful business practices.
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A class action complaint has been filed on behalf of GWG investors alleging that certain of the Company’s top officers and directors, along with entities under their control (collectively, “Defendants”), used GWG to carry out a Ponzi scheme, at the expense of GWG’s investors. Per the allegations in the complaint, the Defendants diverted hundreds of millions of dollars in GWG investor funds for their own gains, rendering GWG unable to make required payments to its and investors and substantially destroying the value of GWG securities. As a result of Defendants’ actions, on January 18, 2022, GWG disclosed that it was unable to make certain required payments to Company investors. Three months later, on April 20, 2022, GWG filed for bankruptcy.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, London, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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