DALLAS, Feb. 9, 2022 /PRNewswire/
-- Dallas-based GWG Holdings, Inc. (NASDAQ: GWGH), a
nationwide marketer of financial products and investments, is
facing demands from the U.S. Securities and Exchange Commission to
produce records covering the company's sales tactics, business
practices, and failures to make required principal and interest
payments.
The Wall Street Journal recently reported
that GWG has received a subpoena from the SEC's Division of
Enforcement, while the company disclosed that it voluntarily
suspended sales of its L Bonds product on January 10 and did not make required principal
and interest payments totaling nearly $14
million on January 15.
Based on the concerns raised by the SEC and news reports,
attorneys with Sommerman, McCaffity, Quesada & Geisler in
Dallas have launched an
independent investigation into the company's business
practices.
"We have concerns that GWG and its representatives may have
failed to disclose the details and risks of these bonds to
investors," says the firm's Sean
McCaffity. "We understand that many of these investors are
retirees and we want to know whether they were misled by financial
advisors and the company. If so, we'll be pursuing legal action in
an effort to recover those losses."
Sommerman, McCaffity, Quesada & Geisler has a
distinguished reputation for knowledgeable and assertive legal
representation in complex commercial litigation involving business
fraud, audit malpractice, director and officer liability, and
fraudulent transfers.
"It should be anticipated that any litigation on behalf of
investors would logically be filed in Dallas, and as a Dallas-based firm we are ideally positioned to
try individual or class action claims here," says the firm's
Andrew Sommerman. "We have the
experience and resources to bring these claims and welcome the
interest of those who may have been defrauded by the questionable
actions of GWG."
The firm has established a dedicated website with additional
background, regular updates, and other information at
www.gwglawsuit.com.
Media Contact:
Sophia
Reza
800-559-4534
sophia@androvett.com
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SOURCE Sommerman, McCaffity, Quesada & Geisler