Texas-Based GWG Holdings, Inc and its Directors Are Defendants in Class-Action Lawsuit
Two investors seeking class-action status have filed a lawsuit against GWG Holdings, Inc. (NASDAQ: GWGH). They are accusing the Texas-based alternative asset manager and investor of life settlements, as well as its directors, of making misrepresentations and omissions in offering documents of its L Bonds.
GWGH sold more than $350M of these high-yield bonds between August 2020 and April 2021, when sales were discontinued due to liquidity problems. The company also failed to submit its 2020 yearly report in a timely manner. In February 2022, GWG Holdings defaulted on $3.25M of principal payments plus $10.35M of interest owed to L Bond investors.
The post Class Action Securities Lawsuit Filed Against GWG Holdings Over L Bond Losses appeared first on Investor Lawyers Blog.
from Texas Bar Today https://ift.tt/hLpMOiX
via Abogado Aly Website
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