NEW YORK, Feb. 16, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against GWG Holdings, Inc. (NASDAQ: GWGH) and Pulse Biosciences, Inc. (NASDAQ: PLSE). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
GWG Holdings, Inc. (NASDAQ: GWGH)
On January 18, 2022, the Company disclosed that its Annual Report will likely be filed “later than the March 31, 2022 due date” because of “the recently disclosed decision of its independent registered public accounting firm to decline to stand for reappointment.” The Company further disclosed that it “did not make the January 15, 2022 interest payment of approximately $10.35 million and principal payments of approximately $3.25 million with respect to its L Bonds” product and that it elected to “voluntarily suspend its L Bonds sales effective as of January 10, 2022.”
On this news, GWG’s stock price fell $2.17 per share, or 27.7%, to close at $5.65 per share on January 18, 2022.
Then, on January 27, 2022, The Wall Street Journal reported that GWG received a subpoena in 2020 from the Securities and Exchange Commission’s division of enforcement ordering the Company to produce documents. The paper also reported that an attorney who represents multiple L Bonds investors said that most of his clients are retail investors who bought the bonds after hearing a sales pitch that the products were safe and would offer a comfortable income stream for their retirement, but that “they were shocked to learn that their money was used to pay old investors while the company has been under SEC investigation.”
On this news, GWG’s stock fell more than 20% during intraday trading on January 27, 2022, thereby further injuring investors.
For more information on the GWG investigation go to: https://bespc.com/cases/GWGH
Pulse Biosciences, Inc. (NASDAQ: PLSE)
On February 8, 2022, Pulse issued a press release “announc[ing] an update to its recent U.S. Food and Drug Administration (FDA) 510(k) submission to add the specific indication for treatment of sebaceous hyperplasia to expand the CellFX System’s current labeling.” Specifically, Pulse advised that following its submission of “ a 510(k) in December 2021 to add the treatment of sebaceous hyperplasia to the CellFX System’s indications for use in the United States”, “ [o]n February 5, 2022, the Company received an Additional Information (“AI”) letter from the FDA”, in which “the FDA stated it did not believe the Company provided sufficient clinical evidence at this time to support the expanded indication for use, and that the Company had not met the primary endpoints of the sebaceous hyperplasia FDA-approved IDE study.”
On this news, Pulse’s stock price fell $3.74 per share, or 34.44%, to close at $7.12 per share on February 8, 2022.
For more information on the Pulse investigation go to: https://bespc.com/cases/PLSE
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
