NEWTOWN, Pa., Aug. 22, 2023 (GLOBE NEWSWIRE) -- Edelson Lechtzin LLP is investigating securities fraud claims on behalf of shareholders MSP Recovery, LLC d/b/a LifeWallet (Nasdaq: LIFW). Investors who purchased shares of Lionheart Acquisition Corporation II (Nasdaq: LCAP), a special purpose acquisition company (SPAC), before the closing of its merger with MSP Recovery, LLC (Nasdaq: MSPR) in May 2022, may have claims arising from a false and misleading proxy solicitation.
About LifeWallet
LifeWallet, headquartered in Coral Gables, Florida, is a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery and technology company. On January 2, 2023, MSP Recovery, LLC announced that it would begin doing business as LifeWallet and changed its ticker symbol to Nasdaq: LIFW.
The SEC and DOJ Probes
LifeWallet is currently under investigation by the U.S. Securities and Exchange Commission (SEC), and the U.S. Department of Justice (DOJ). The investigations involve “the business combination transaction with Lionheart Acquisition Corporation II consummated on May 23, 2022 and related matters,” according to an SEC filing. The SEC has also issued a subpoena for documents concerning LifeWallet’s financial statements. The DOJ has commenced a grand jury investigation of LifeWallet, but to date, the Company has not received a target letter because of this investigation.
Immediately following the merger, MSPR stock was trading at more than $10.00 per share. LifeWallet common stock is currently trading at around $0.10 per share.
Di You Have a Claim?
LifeWallet investors may have claims based on alleged false and misleading statements and/or material omissions contained in the documents used to solicit shareholder approval for the business combination between Lionheart Acquisition Corporation II and MSP Recovery, LLC. Please contact Edelson Lechtzin LLP at 1-844-696-7492 to discuss your investment losses, or by e-mail at elechtzin@edelson-law.com or medelson@edelson-law.com, or you can submit your information online HERE.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: elechtzin@edelson-law.com or medelson@edelson-law.com
Web: www.edelson-law.com
About Edelson Lechtzin LLP
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select the counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
