GWG Holdings, Inc. Investigation
The law firm of Kirby McInerney LLP is investigating potential claims against GWG Holdings, Inc. (“GWG” or the “Company”) (NASDAQ: GWGH). The investigation concerns whether GWG has violated the federal securities laws and/or engaged in other unlawful business practices.
GWG is a financial services firm based in Dallas that sells life-insurance bonds.
On January 18, 2022, the Company disclosed that its Annual Report will likely be filed “later than the March 31, 2022 due date” because of “the recently disclosed decision of its independent registered public accounting firm to decline to stand for reappointment.” The Company further disclosed that it “did not make the January 15, 2022 interest payment of approximately $10.35 million and principal payments of approximately $3.25 million with respect to its L Bonds” product and that it elected to “voluntarily suspend its L Bonds sales effective as of January 10, 2022.” On this news, GWG’s stock price declined by $2.17 per share, or approximately 27.7%, from $7.82 per share to close at $5.65 per share on January 18, 2022.