Philadelphia, Pennsylvania--(Newsfile Corp. - August 25, 2023) - Berger Montague advises investors that a securities fraud class action lawsuit has been filed against MSP Recovery, Inc. ("MSP Recovery") (NASDAQ: LIFW) f/k/a Lionheart Acquisition Corp. II ("Lionheart") (NASDAQ: LCAPU) on behalf of (i) purchasers of MSP Recovery f/k/a Lionheart publicly traded securities between April 28, 2022 and August 17, 2023, inclusive (the "Class Period"); (ii) holders of Lionheart common stock eligible to vote at Lionheart's May 18, 2022 special meeting; and (iii) purchasers or acquirers of MSP Recovery securities pursuant and/or traceable to MSP Recovery's registration statement filed with the U.S. Securities and Exchange Commission ("SEC") on July 1, 2022, as amended on July 21, 2022 and declared effective on August 5, 2022 (the "Registration Statement").
Investor Deadline: Investors who purchased or acquired MSP Recovery/Lionheart securities during the Class Period may, no later than October 23, 2023, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at jmaro@bm.net or (267) 637-3176, or Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015 or visit: https://investigations.bergermontague.com/msp-recovery/.
MSP Recovery (which commonly does business under the name "LifeWallet") describes itself as a "leading data analytics company specializing in healthcare Claims recovery." On May 3, 2022, Lionheart filed with the SEC its definitive proxy on Form 424B3 (the "Proxy") to solicit votes for its May 18, 2022 Special Meeting to approve the planned merger with the then-private MSP Recovery.
On July 31, 2023, The Miami Herald published an article entitled "'Red flags on top of red flags': Problems mount for UM athletics booster John Ruiz," regarding MSP Recovery's CEO. According to the article, Ruiz and MSP Recovery were being investigated by federal regulators - to wit, "SEC investigators are looking at what Mr. Ruiz's company represented to investors about its value and other possible securities violations," and "[t]he investigation, led by FBI and IRS agents, is looking at financial representations made to investors and spending practices, according to sources."
Following this news, the price of MSP Recovery stock fell $0.0127 per share, or 5.89%, to close at $0.2028 on July 31, 2023.
On August 1, 2023, MSP Recovery disclosed that it "received a subpoena dated March 1, 2023 from the SEC . . . and subsequently received a subpoena on May 10, 2023, requesting documents in connection with [MSP Recovery]'s financial statements for the periods ended June 30, 2022 and September 30, 2022 (which had necessitated restatements, as disclosed on April 14, 2023).
Following this news, the price of MSP Recovery stock fell $0.025 per share, or 12.19%, to close at $0.18 on August 2, 2023.
On August 10, 2023, Cano Health, Inc. sued MSP Recovery, related entities, and CEO Ruiz, alleging that MSP Recovery was concealing the fact that it is a fraud.
On this news, the price of MSP Recovery shares declined more than 18%.
Finally, on August 17, 2023, MSP Recovery disclosed that it "received an additional subpoena from the SEC regarding certain funding sources of [MSP Recovery] prior to the Business Combination, as well as various statements and disclosures by [MSP Recovery] in connection with and following the Business Combination."
Following this news, the price of MSP Recovery shares fell by 0.0031, or 2.67%, to close at $0.1129 on August 18, 2023. The next day, the stock fell a further $0.0186, or 16.47%, to close at $0.0943 on August 19, 2023.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
James Maro, Senior Counsel
Berger Montague
(267) 637-3176
jmaro@bm.net
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/178584
