MSP Recovery, Inc. (NASDAQ: LIFW)

This lawsuit is for anyone who acquired securities in MSP Recovery, Inc. f/k/a Lionheart Acquisition Corp. II. (NASDAQ: LIFW) from July 1, 2022 through August 17, 2023.

The Law Offices of Howard G. Smith believes that the Company and certain of its executives violated federal law. Specifically, the Law Offices of Howard G. Smith believes that, both in the prospectus to the Company’s IPO, and throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company misled investors by failing to timely inform investors that the Company was under investigation by various U.S. law enforcement agencies.

On July 31, 2023, The Miami Herald published an article alleging, among other things, that MSP Recovery and its CEO were “the target of federal civil and criminal investigation” and that “[t]he investigation, led by FBI and IRS agents, is looking at financial representations made to investors and spending practices.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on August 1, 2023, MSP Recovery disclosed that it had received a subpoena from the SEC “requesting documents in connection with the Company’s financial statements.” Further, the Company also stated that it had received a subpoena from the U.S. Attorney’s Office “in connection with a grand jury investigation in the U.S. District Court for the Southern District of Florida requesting certain information concerning the Company.”  On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Then, on August 10, 2023, after market hours, Cano Health sued the Company, alleging that it is “a sham,” stating that “MSP Recovery has never been able to secure any meaningful revenue from the claims it has aggregated. Instead, it used the face value of those claims to prop up an absurdly over-inflated valuation.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Finally, on August 17, 2023, MSP Discovery disclosed that it had “received an additional subpoena from the SEC regarding certain funding sources of the Company prior to the Business Combination, as well as various statements and disclosures by the Company in connection with and following the Business Combination.” The Company also disclosed that it had received a notification letter from Nasdaq’s Listing Qualifications Department, which stated that the Company wasn’t in compliance with Nasdaq’s Rule 5250(c)(1) as a result of not having timely filed its Form 10-Q for the period ended June 30, 2023. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in MSP Recovery, Inc. f/k/a Lionheart Acquisition Corp. II. (NASDAQ: LIFW) from July 1, 2022 through August 17, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.