The Securities Law Firm of KlaymanToskes Offers Investors With Losses in LifeWallet/MSP Recovery, Inc. (NASDAQ: LIFW) Recovery Options
CORAL GABLES, FL / ACCESSWIRE / August 1, 2023 / National investment loss attorneys KlaymanToskes encourages LifeWallet (NASDAQ:LIFW) investors who suffered losses of $100,000 or more as a result of misconduct by their broker/investment advisor to contact the firm immediately at 888-997-9956 for recovery options.
Disclosure: Investors that had self-directed accounts who did not rely on the advice of a financial advisor need not call.
KlaymanToskes is investigating brokerage firms that recommended/managed positions in LifeWallet (formally MSP Recovery, Inc.) and misrepresented or failed to disclose known risks to investors.
MSP Recovery, a company specializing in healthcare claim recoveries, completed its merger with Lionheart Acquisition Corporation II, a Special Purchase Acquisition Company (“SPAC”) on May 20, 2022. SPACs are historically risky as they lack the earning history and proven management teams that accompany traditional Operating Company IPOs.
On April 14, 2023, MSP Recovery (d/b/a LifeWallet) announced that it “concluded that the Company’s quarterly financial statements for the periods ended June 30, 2022 and September 30, 2022 require restatements and should no longer be relied upon.” Following this news, the price of its stock dropped by 55% in a one-month period from April to May.
On July 26, 2023, LifeWallet announced in a delayed Form 10-K report for the year ended December 31, 2022, that the company had a net loss of $402 million. Currently, the stock sits at $0.20, representing a 92% decrease from its 52-week high of $2.83, and a 98% decrease from its IPO price of $10.
Brokerage firms that failed to disclose the underlying risks associated with the SPAC, and/or that failed to recommend risk management strategies to customers with large, concentrated or margined positions may be held liable for investor losses.
Investors that suffered losses in excess of $100,000 should immediately contact attorney Lawrence L. Klayman, Esq. for a free consultation at 888-997-9956 and download our SPAC Special Investor Report.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Contact
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lawrence@klaymantoskes.com
www.klaymantoskes.com
SOURCE: KlaymanToskes, P.A.