GWG Holdings Investigation

06.24.2021

Girard Sharp is investigating reports that GWG Holdings (GWGH) may have made false and misleading statements to investors in connection with the issuance and sale of L Bonds.

If you invested in GWG Holdings, you may have a claim for relief. 

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More Information on the GWG Holdings Investigation 

GWG Holdings manages a large alternative asset portfolio through the sale of alternative investment products. GWGH offers tradable securities called L bonds.

In April 2019, GWGH merged with another company, Beneficient. After assuming control over the new combined entity, Brad Heppner reoriented the company towards private equity, stating the need to diversify its investment portfolio.

Meanwhile, GWGH has continued to raise large amounts of capital. It did not, however, file its most recent Forms 10-K and 10-Q on time, leading NASDAQ to warn the company that it risks being delisted. According to the company’s most recent 10-Q, it “may not be able to sell additional L Bonds on terms as favorable to the Company as past transactions or in quantities sufficient to fund all of the Company’s operating requirements.” Further, GWGH may not be able to obtain additional borrowing under existing debt facilities or new loans from other third-party lenders. GWGH was unable to audit several of its financial statements in its most recent 10-Q. GWGH has nevertheless continued to raise money from investors, selling $114.1 million in L bonds in the third quarter of 2020 alone.

On August 1, 2021, GWG announced its previous financial statements should not be relied on.

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We have recovered over a billion dollars for our clients against some of the nation’s largest corporations, such as Raymond James, Peregrine Financial Group, and OppenheimerFunds, in cases arising from securities fraud, false advertising and other unfair business practices.

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