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Submit Your Information for the MSP Recovery/Lionheart Lawsuit

Lead plaintiff deadline is October 23, 2023.

If you purchased or acquired MSP Recovery/Lionheart securities between April 28, 2022 and August 17, 2023, please contact Berger Montague using the form below.

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About the Lawsuit

On July 31, 2023, The Miami Herald published an article entitled “‘Red flags on top of red flags’: Problems mount for UM athletics booster John Ruiz,” regarding MSP Recovery’s CEO. According to the article, Ruiz and MSP Recovery were being investigated by federal regulators – to wit, “SEC investigators are looking at what Mr. Ruiz’s company represented to investors about its value and other possible securities violations,” and “[t]he investigation, led by FBI and IRS agents, is looking at financial representations made to investors and spending practices, according to sources.”

Following this news, the price of MSP Recovery stock fell $0.0127 per share, or 5.89%, to close at $0.2028 on July 31, 2023.

On August 1, 2023, MSP Recovery disclosed that it “received a subpoena dated March 1, 2023 from the SEC . . . and subsequently received a subpoena on May 10, 2023, requesting documents in connection with [MSP Recovery]’s financial statements for the periods ended June 30, 2022 and September 30, 2022 (which had necessitated restatements, as disclosed on April 14, 2023).

Following this news, the price of MSP Recovery stock fell $0.025 per share, or 12.19%, to close at $0.18 on August 2, 2023.

On August 10, 2023, Cano Health, Inc. sued MSP Recovery, related entities, and CEO Ruiz, alleging that MSP Recovery was concealing the fact that it is a fraud.

On this news, the price of MSP Recovery shares declined more than 18%.

Finally, on August 17, 2023, MSP Recovery disclosed that it “received an additional subpoena from the SEC regarding certain funding sources of [MSP Recovery] prior to the Business Combination, as well as various statements and disclosures by [MSP Recovery] in connection with and following the Business Combination.”

Following this news, the price of MSP Recovery shares fell by 0.0031, or 2.67%, to close at $0.1129 on August 18, 2023. The next day, the stock fell a further $0.0186, or 16.47%, to close at $0.0943 on August 19, 2023.

Investors who purchased or acquired MSP Recovery/Lionheart securities between April 28, 2022 and August 17, 2023 may, no later than October 23, 2023, seek to be appointed as a lead plaintiff representative of the class.