The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of GWG Holdings, Inc. (OTC: GWGHQ) who purchased GWG’s L Bonds or Preferred Sto between December 23, 2017 and April 20, 2022. The action, which was filed in the United States District Court for the Northern District of Texas, alleges that the Company violated federal securities laws.
In particular, the GWG Holdings, Inc. lawsuit alleges 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.
Shareholders have until June 2, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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