NEW YORK, Aug. 28, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of MSP Recovery, Inc. ("Lionheart" or the "Company") (NASDAQ: LIFW). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Lionheart and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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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, reporting that "[Chief Executive Officer John H.] Ruiz and his health insurance claims company LifeWallet—previously known as MSP Recovery—are the target of federal and civil criminal investigations."
On this news, MSP Recovery's stock price fell $0.0127 per share, or 5.89%, to close at $0.2028 per share on July 31, 2023.
On August 1, 2023, MSP Recovery confirmed the Miami Herald's allegations in a filing with the U.S. Securities and Exchange Commission ("SEC"), disclosing that "[t]he Company received a subpoena dated March 1, 2023 from the SEC regarding the aforementioned subject matter, and subsequently received a subpoena on May 10, 2023 requesting documents in connection with the Company's financial statements for the periods ended June 30, 2022 and September 30, 2022 that required restatements as disclosed in the Company's Form 8-K filed with the SEC on April 14, 2023."
On this news, MSP Recovery's stock price fell $0.025 per share, or 12.19%, to close at $0.18 per share on August 2, 2023.
Then, on August 10, 2023, Cano Health, Inc. ("Cano"), a business partner of MSP Recovery, sued the Company and Ruiz in Florida state court, seeking nearly $67 million. Cano's lawsuit described MSP Recovery as "as sham" that "has never been able to secure any meaningful revenue from the claims it has aggregated", but instead used the face value of those claims to defraud business partners, while "support[ing] windfall salaries and perks for its executive officers".
On this news, MSP Recovery's stock price fell $0.0271 per share, or 18.42%, to close at $0.12 per share on August 11, 2023.
Finally, on August 17, 2023, MSP Recovery disclosed in an SEC filing that it had received a notification letter from Nasdaq's Listing Qualifications Department, which stated that the Company was not in compliance with Nasdaq's Rule 5250(c)(1) as a result of failing to timely file its Form 10-Q for the period ended June 30, 2023.
On this news, MSP Recovery's stock price fell $0.0031 per share, or 2.67%, to close at $0.1129 per share on August 18, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
