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LIFW.US
id: 808

MSP Recovery (f/k/a Lionheart Acquisition Corp. II) Misconduct Case

S.D. Florida
Court
1:23-CV-23224
Case number
28 Apr 2022
Class period Start
17 Aug 2023
Class period End
23 Oct 2023
Lead Plaintiff motion deadline
  • MSP Recovery faced regulator investigations and a lawsuit from CANO.
  • On this news, $LYFW declined, damaging shareholders.
  • Investors suspect MSP & its Leaders of misleading and unlawful business practices that led to financial losses.
On August 17, 2023, MSP Recovery (LIFW) disclosed that it “received an additional subpoena from the SEC regarding certain funding sources prior to the Business Combination, as well as various statements and disclosures in connection with and following the Business Combination.”

MSP Recovery further disclosed that it received a notification letter from Nasdaq about non-compliance with listing rules.

On this news, $LYFW declined the next two days, damaging investors.
  • On July 31, 2023, The Miami Herald released an article entitled “‘Red flags on top of red flags’: Problems mount for UM athletics booster John Ruiz,” The Miami Herald reported that Ruiz and MSP Recovery were “the target of federal civil and criminal investigation,” that “SEC investigators are looking at what Ruiz’s company represented to investors about its value and other possible securities violations,” and “the investigation, led by FBI and IRS agents, is looking at financial representations made to investors and spending practices, according to sources.” On this news, $LIFW declined nearly 6%.
  • On August 1, 2023, MSP Recovery disclosed that it received a subpoena from the SEC. On this news, $LIFW declined more than 12%.
  • On August 10, 2023, Cano sued MSP Recovery and CEO Ruiz, seeking nearly $67 million, alleging MSP Recovery failed to timely file documents with the SEC, including its 2022 Annual Report, to conceal fraud. On this news, $LIFW declined over 18%.
Considering regulator investigations and the CANO lawsuit, Investors have reasons to suspect MSP & its Leaders of misleading and unlawful business practices that led to financial losses.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
17 August 2023
Filing date
23 August 2023
Lead Plaintiff Deadline
23 October 2023
Collecting participants…

MSP Recovery Inc.

MSP Recovery, Inc., doing business as LifeWallet, operates as a healthcare recoveries and data analytics company in the United States and Puerto Rico. The company offers claims recovery services, i...

    Ticker
    LIFW.US
    CIK
    1802450
    Sector
    Healthcare
    Industry
    Health Information Services
    Country
    USA
    Address
    2701 Le Jeune Road, Coral Gables, FL, United States, 33134