MSP Recovery, Inc. f/k/a Lionheart Acquisition Corp. II Class Action Alert: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in in the United States District Court for the Southern District of Florida against MSP Recovery, Inc.

UPCOMING LEAD PLAINTIFF DEADLINE IS OCTOBER 23, 2023

NEW YORK, Sept. 1, 2023 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP  ("Wolf  Haldenstein") announces that a federal class action securities law suit has been filed on behalf of purchasers of the securities of MSP Recovery, Inc. f/k/a Lionheart Acquisition Corp. II (NASDAQ: LIFW), which does business as LifeWallet:

• between April 28, 2022 and August 17, 2023, both dates inclusive (the "Class Period");
• all persons or entities who held Lionheart common stock who were eligible to vote at Lionheart's May 18, 2022 special meeting; and/or
• all persons who purchased or otherwise acquired MSP Recovery securities pursuant and/or traceable to the Company's July 1, 2022 Registration Statement.

All investors who purchased shares and incurred losses are  advised  to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses, you may, no later than October 23, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

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According to the filed complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that:

• MSP Recovery did not disclose that it was under active investigation by the SEC and federal prosecutors;
• certain financial information given to investors by MSP Recovery was materially false and misleading;
• MSP Recovery did not fully disclose the extent of its issues when it admitted that its financial results would need to be restated;
• MSP Recovery was unable to afford the assigned claims on which it depends, and defrauded a major healthcare provider that sold or assigned it its claims;
• The Registration Statement contained various false or misleading statements and was negligently prepared;
• The Proxy contained false or misleading statements; and
• as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times and/or were negligently prepared.

On July 31, 2023, The Miami Herald released an article entitled "Red flags on top of red flags: Problems mount for UM athletics booster John Ruiz", announcing that CEO Ruiz and LifeWallet are the target of federal civil and criminal investigations by the United States Securities and Exchange Commission ("SEC") and the United States Attorney's Office for Southern District of Florida. The SEC declined to officially comment on whether it was investigating, but sources said SEC investigators were looking at what Ruiz's company represented to investors about its value and other possible securities violations.

Multiple witnesses have been interviewed about Ruiz and his company by the U.S. Attorney's Office in Miami. The investigation, led by FBI and IRS agents, is looking at financial representations made to investors and spending practices.

On August 17, 2023, the Company filed its Earnings Report, announcing that on August 16, 2023, the Company 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's Form 8-K in also disclosed that it had received a notification letter from Nasdaq stating 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.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP