Sommerman, McCaffity, Quesada & Geisler preparing to represent defrauded shareholders
DALLAS – 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.