NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against MSP Recovery, Inc. f/k/a Lionheart Acquisition Corp. II (“MSP Recovery” or the “Company”) (NASDAQ: LIFW) in the United States District Court for the Southern District of Florida on behalf of all persons and entities who (1) purchased or otherwise acquired publicly traded MSP Recovery f/k/a Lionheart Acquisition Corp. II (“Lionheart”) securities between April 28, 2022 and August 17, 2023, (2) all persons or entities who held Lionheart common stock eligible to vote at Lionheart’s May 18, 2022 special meeting, seeking to pursue remedies under Section 14(a) of the Exchange Act; and (3) all persons who purchased or otherwise acquired MSP Recovery securities pursuant and/or traceable to the Company’s registration statement filed with the SEC on July 1, 2022, as amended on July 21, 2022 and declared effective on August 5, 2022, both dates inclusive (the “Class Period”). Investors have until October 23, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that: (1) MSP Recovery did not disclose that it was under active investigation by the SEC and federal prosecutors; (2) certain financial information given to investors by MSP Recovery was materially false and misleading; (3) MSP Recovery did not fully disclose the extent of its issues when it admitted that its financial results would need to be restated; (4) MSP Recovery was unable to afford the assigned claims on which it depends, and defrauded a major healthcare provider that sold or assigned it its claims; (5) The Registration Statement contained various false or misleading statements and was negligently prepared; (6) The Proxy contained false or misleading statements; and (7) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times and/or were negligently prepared. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased or otherwise acquired MSP Recovery shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
