Dallas-Based Alternative Asset Firm Expected to Seek
Bankruptcy Protection Very Soon
HOUSTON, April 12,
2022 /PRNewswire/ -- According to sources, GWG
Holdings, Inc. (NASDAQ: GWGH ) is preparing for Chapter 11
bankruptcy. The reports come after the Texas-based alternative asset firm notified
the SEC in an April 1,
2022 filing that it was not able to submit its 2021
yearly report and other financial statements because it has yet to
retain an auditor since Grant
Thornton stepped down from that role in December
2021.
Not having an auditor for this long can be a sign that a company
is planning to seek bankruptcy protection.
GWG Holdings sold $1.6B in life
settlement-backed bonds through many independent broker-dealers. In
February 2022, it defaulted on
$13.6M in principal payments plus
interest that it owed investors of its L Bond series. Visit
our GWG Holdings, Inc. page for more information about
the company and recent events.
老练的 GWG
Holdings L
Bond 律师.
GWG Holdings Shares Plunge
After The Wall Street Journal reported that GWG
Holdings was getting ready to file for bankruptcy, trading in GWG
shares on April 4, 2022, had dropped
over 16% to $4.48/share. (Trading
also was suspended and resumed a number of times.) On April 11, 2022, GWG shares were trading at
$1.73/share.
Chapter 11 Bankruptcy Would Be Bad News for L Bond
investors
L Bond investors are likely to suffer huge losses in the wake of
a GWG Holdings bankruptcy filing. Many of them are retirees, older
investors, conservative investors, and other retail investors
whose financial advisors should never have marketed and sold them
these illiquid, risky high-yield bonds. Many L bond investors
placed their life savings in these bonds.
More About L Bonds
Representing GWG Holdings L Bond Investors
SSEK Law Firm is representing L Bond investors in FINRA
arbitration against their broker-dealers, including Ni Advisors,
Center Street Securities, and others. Claimants are alleging
unsuitability, misrepresentations and omissions, negligence,
failure to supervise and other violations.
It is important that you hire your own seasoned GWG L bond
attorneys and submit an individual claim for financial recovery.
SSEK Law Firm has gone up against the biggest broker-dealers in the
country in pursuit of damages for our clients and we have recovered
many millions of dollars.
Contact:
Kirk Smith
ksmith@sseklaw.com
US Toll Free: (800) 259-9010
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SOURCE Shepherd Smith Edwards & Kantas LLP