The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Northern District of Texas on behalf of shareholders of GWG Holdings, Inc. who purchased GWG’s L Bonds or Preferred Sto between December 23, 2017 and April 20, 2022.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Defendants intended to, and did, misappropriate GWG assets, (ii) GWG’s life insurance investment business had failed, and (iii) GWG could only repay prior investors by issuing increasing amounts of securities to new investors. In essence, Defendants had turned GWG into a Ponzi scheme.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until June 2, 2023 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
