GWGHQ.US
id: 653
GWG Holdings (GWG) Fraud Case
N.D. Texas
Court3:22-cv-00410
Case number12/23/2017
Class period Start04/20/2022
Class period EndOn February 20, 2022, GWG filed for bankruptcy. GWG investors have not received the payments to which they are entitled since at least February 2022.
On this news, GWG's stock price fell over 30%, seriously damaging investors.
Earlier, On January 18, 2022, GWG disclosed that it was unable to make certain required payments to its investors.
Based on all available information and evidence, it appears that the Leaders of the Company may have utilized GWG as a vehicle for perpetrating a Ponzi scheme. Investors have legitimate grounds to believe that the Leaders diverted hundreds of millions of dollars in GWG investor funds for personal gain, while also causing significant harm to the company's finances. This included rendering GWG unable to fulfill its obligations to investors, greatly reducing the value of GWG securities, and ultimately leading to the company's bankruptcy.
Case Status
Distribution Preparation
Alleged Offence
Mismanagement,
Financial Misrepresentation,
Fraud,
Price manipulation,
Malpractice,
Negligence,
Breach of Fiduciary duty
Suspected Party
Directors,
Management,
Shareholder,
Investment Bank,
Service Provider
Security Type
Stocks
Trade Direction
Long
Filing date
03/30/2023
Lead Plaintiff Deadline
05/30/2023
Plaintiffs
David Scura
Attorneys
Federman & Sherwood (Richardson, TX), Glancy Prongay & Murray LLP (Los Angeles, CA)
Defendants
BRAD K. HEPPNER, JON R. SABES, STEVEN F. SABES, PETER T. CANGANY, RICHARD W. FISHER, THOMAS O. HICKS, DENNIS P. LOCKHART, BRUCE W. SCHNITZER
Judge
Hon. Sidney A Fitzwater
Administrator
EPIQ
Settlement agreement date
2025-03-06
Attorney fee
$8,984,000
Trades matching type
FIFO
+$50,500,000
Cash Settlement AmountFrequently Asked Questions
Who is eligible for this settlement?
Do I have to sell securities to be eligible?
How long does the payout process take?
What is 11th Estate?