Latest news with #ABL
Business Wire
5 days ago
- Business
- Business Wire
Securities Fraud Investigation Into Abacus Global Management, Inc. (ABL) Announced – Investors Who Lost Money Urged To Contact Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm
LOS ANGELES--(BUSINESS WIRE)-- Glancy Prongay & Murray LLP, a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Abacus Global Management, Inc. ('Abacus' or the 'Company') (NASDAQ: ABL) investors concerning the Company's possible violations of the federal securities laws. IF YOU ARE AN INVESTOR WHO LOST MONEY ON ABACUS GLOBAL MANAGEMENT, INC. (ABL), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS. What Happened? On June 4, 2025, Morpheus Research published a report alleging, among other things, that Abacus uses fraudulent life expectancy data to drive revenues. Specifically, the report alleges 'contrary to Abacus' disclosures to the SEC' Abacus relies heavily on life expectancy ('LE') reports generated by 'AI powered' Lapetus Solutions. The report states former Abacus employees revealed the Company 'built Lapetus LEs into… the proprietary pricing tool that Abacus made' and 'would not gather the other life expectancy info.' The report asserts 'Abacus' reliance on Lapetus to value its portfolio presents a material risk to the $446 million in claimed life settlements on its books as of Q1 2025' because '[t]he indicative value on a Lapetus LE is 50% higher than with the other LE providers.' On this news, Abacus's stock price fell $1.64, or 21.5%, to close at $6.00 per share on June 4, 2025, thereby injuring investors. Contact Us To Participate or Learn More: If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us. Charles Linehan, Esq., Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles California 90067 Email: shareholders@ Telephone: 310-201-9150 (Toll-Free: 888-773-9224) Visit our website at Follow us for updates on LinkedIn, Twitter, or Facebook. Whistleblower Notice Persons with non-public information regarding Abacus should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@ About Glancy Prongay & Murray LLP Glancy Prongay & Murray LLP ('GPM') is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. GPM has been consistently ranked in the Top 50 Securities Class Action Settlements by ISS Securities Class Action Services. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM's nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM's lawyers have handled cases covering a wide spectrum of corporate misconduct and relating to nearly all industries and sectors. GPM's past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron's, Investor's Business Daily, Forbes, and Money. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Business Wire
5 days ago
- Business
- Business Wire
Securities Fraud Investigation Into Abacus Global Management, Inc. (ABL) Announced – Investors Who Lost Money Urged To Contact The Law Offices of Frank R. Cruz
LOS ANGELES--(BUSINESS WIRE)-- The Law Offices of Frank R. Cruz announces an investigation of Abacus Global Management, Inc. ('Abacus' or the 'Company') (NASDAQ: ABL) on behalf of investors concerning the Company's possible violations of federal securities laws. IF YOU ARE AN INVESTOR WHO LOST MONEY ON ABACUS GLOBAL MANAGEMENT, INC. (ABL), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING A CLAIM TO RECOVER YOUR LOSS. What Is The Investigation About? On June 4, 2025, Morpheus Research published a report alleging, among other things, that Abacus uses fraudulent life expectancy data to drive revenues. Specifically, the report alleges 'contrary to Abacus' disclosures to the SEC' Abacus relies heavily on life expectancy ('LE') reports generated by 'AI powered' Lapetus Solutions. The report states former Abacus employees revealed the Company 'built Lapetus LEs into… the proprietary pricing tool that Abacus made' and 'would not gather the other life expectancy info.' The report asserts 'Abacus' reliance on Lapetus to value its portfolio presents a material risk to the $446 million in claimed life settlements on its books as of Q1 2025' because '[t]he indicative value on a Lapetus LE is 50% higher than with the other LE providers.' On this news, Abacus's stock price fell $1.64, or 21.5%, to close at $6.00 per share on June 4, 2025, thereby injuring investors. Contact Us To Participate or Learn More: If you purchased Abacus securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us: The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 Call us at: 310-914-5007 Email us at: info@ Visit our website at: Follow us for updates on Twitter at If you inquire by email, please include your mailing address, telephone number, and number of shares purchased. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Business Wire
5 days ago
- Business
- Business Wire
Abacus Global Management, Inc. (NASDAQ: ABL) Under Investigation Following 'Fake Revenue' Allegations; Investors Urged to Contact Award-Winning Firm, Gibbs Mura
OAKLAND, Calif.--(BUSINESS WIRE)--Shares of Abacus Global Management, Inc. ('Abacus') fell over 30% in intraday trading on Wednesday, June 4, 2025, after Morpheus Research published an article alleging that the financial services company is a 'life settlements accounting scheme manufacturing fake revenue by systematically underestimating when people will die.' Gibbs Mura is investigating a potential Abacus Global Management, Inc. (NASDAQ: ABL) Securities Class Action Lawsuit on behalf of shareholders who lost money in Abacus. On June 4, 2025, Morpheus Research published a detailed report alleging that Abacus is a 'life settlements accounting scheme manufacturing fake revenue by systematically underestimating when people will die.' What Should Abacus Global Management, Inc. Investors Do? If you invested in ABL, visit our Abacus Global Management, Inc. investigation webpage, or call us at (888) 410-2925 to get more information about how you may be able to recover your losses. Our investigation concerns whether Abacus has violated federal securities laws by providing false or misleading statements to investors. What is the Abacus Global Management, Inc. (ABL) Lawsuit Investigation About? On June 4, 2025, Morpheus Research published a detailed report alleging that Abacus is a 'life settlements accounting scheme manufacturing fake revenue by systematically underestimating when people will die.' Morpheus's three-month investigation into Abacus, which purportedly included expert interviews, review of corporate records and court documents, and discussions with former Abacus employees, allegedly uncovered that Abacus's returns are 'primarily manufactured by the systematic overvaluation of its assets through an opaque 'mark to model' accounting scheme that closely mirrors past blow-ups in the life settlements industry.' The report claims that Abacus 'has resorted to slashing its discount rate to generate more non-cash gains,' a tactic that has been linked to other notorious life settlement frauds such as GWG Holdings. Following this news, shares of Abacus Global Management, Inc. plummeted over 30% in intraday trading on June 4, 2025, causing significant harm to investors. About Gibbs Mura, A Law Group Gibbs Mura represents investors nationwide in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world's largest corporations, and our attorneys have received numerous honors for their work, including 'Best Lawyers in America,' 'Top Plaintiff Lawyers in California,' 'California Lawyer Attorney of the Year,' 'Class Action Practice Group of the Year,' 'Consumer Protection MVP,' and 'Top Women Lawyers in California.' This press release may constitute Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Yahoo
30-05-2025
- Business
- Yahoo
Wellness Pet Company Announces Financing to Support Strategic Initiatives
Support from existing lending partners enables Wellness Pet to capitalize on growth opportunities BURLINGTON, Mass., May 30, 2025 /PRNewswire/ -- Wellness Pet Company ("Wellness Pet" or the "Company"), a leader in pet nutrition for over 25 years, today announced the successful completion of a refinancing transaction, supported by substantial majorities of its existing lenders (the "Transaction"). As part of this transaction, Wellness Pet has secured a $100 million capital investment and extended the maturities of its existing loans and asset-based lending ("ABL") facility to 2029. In addition to securing new capital, the Company enhanced its liquidity position and financial flexibility by refinancing loans with participating term loan lenders. The initial closing of the Transaction received unanimous support from ABL lenders, nearly 80% support from first lien term loan lenders, and over 90% support from second lien term loan lenders. Remaining term loan lenders are invited to participate in the Transaction. "We greatly appreciate the robust support of our financing partners, which underscores their confidence in our business model and growth plans," said Reed Howlett, CEO of Wellness Pet. "With new capital and reduced debt levels, we are well-positioned to invest in innovative solutions that meet the evolving needs of our customers and pet parents." Wellness Pet remains committed to delivering high-quality nutrition for pets, leveraging its strengthened financial foundation to support customer-centric initiatives. About Wellness Pet Company Wellness Pet Company is on a mission to fulfill a shared life of wellbeing between pets and the next generation of pet parents with a foundation of premium nutrition. We're committed to doing things the right way, never the easy way, crafting healthy pet food and treat recipes, as well as daily supplements, that are carefully sourced and thoughtfully prepared. Through our products and our people, we strive to enhance the human experience and promote the mutually beneficial relationship between people and pets. To learn more about Wellness® pet food and treats visit and and find Wellness® on TikTok, Instagram and X: @wellnesspetfood. Press Contacts: Chanda Leary-Coutu cleary@ View original content: SOURCE Wellness Pet Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-05-2025
- Business
- Yahoo
Saks Global Secures $350 Million in New Financing Commitments
Company executes on plans for FILO facility and term loan NEW YORK, May 29, 2025--(BUSINESS WIRE)--Saks Global Enterprises LLC (the "Company") today shared progress against its previously announced measures to strengthen its balance sheet and support its long-term growth. The Company has secured $350 million of financing commitments from SLR Credit Solutions ("SLR") consisting of a $300 million first-in, last-out (FILO) facility for the company and a $50 million secured term loan facility for certain subsidiaries of the Company, providing additional liquidity to support the execution of the Company's business plan. The FILO facility will be incurred as an incremental facility in connection with the Company's existing $1.8 billion asset-based lending (ABL) facility. The funding of the commitments under the respective facilities is subject to customary conditions. The transaction is expected to close on or before June 30, 2025. Marc Metrick, CEO, Saks Global Operating Group said, "As we have always planned, Saks Global is implementing measures to further bolster liquidity and fortify our balance sheet as we continue executing on our transformation strategy and investing in our business. With the financings announced today, the Company will have approximately $700 million in available liquidity on a pro forma basis. Along with synergy realization and business performance exceeding our plans, we are well positioned to continue delivering for all of our stakeholders, including our brand partners." Michael Gross, CEO, SLR Capital Partners said: "We're pleased to support Saks Global and its leadership team as they execute on their strategic plan. This financing reflects our confidence in the company's platform and long-term growth trajectory." Business Momentum and Outlook The Company continues to see improvements in business performance, with inventory receipt flows improving and synergy realization from integration efforts significantly exceeding plan. Advisors BofA Securities, Inc. served as financial advisor to Saks Global in connection with the FILO facility. Willkie Farr & Gallagher LLP served as legal counsel to Saks Global. About Saks Global Saks Global is a combination of world-class luxury retailers, including Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH, as well as a portfolio of prime U.S. real estate holdings and investments. Saks Global is deeply committed to helping luxury consumers discover the most sought-after established and emerging brands from around the world. Powered by data-driven technology and centered on the customer, Saks Global is on a mission to redefine the luxury shopping experience through highly personalized service, with greater opportunities for product discovery across all channels. About SLR Credit Solutions SLR Credit Solutions (f/k/a Crystal Financial), a portfolio company of SLR Investment Corp., is a leading provider of direct private credit focused on originating, underwriting, and managing asset-based financings. Forward-Looking Statements Certain statements made in this release are forward-looking within the meaning of applicable securities laws, including the Company's current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments. Often, but not always, forward- looking statements can be identified by the forward-looking terminology such as the words "may," "will," "expect," "believe," "estimate," "plan," "could," "should," "would," "anticipate," "foresee," "continue," "intends," "trends," "indications," "anticipates," "predicts," "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases. Forward-looking statements are based on current estimates and assumptions made by the Company in light of the Company's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that it believes are appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. Many factors could cause the Company's actual results, level of activity, performance, achievements, future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors: the possibility that the anticipated synergies and other benefits from the Acquisition will not be realized (partially or at all), or will not be realized within the anticipated time periods; the Company's ability to successfully manage inventory levels; increased or new competition; changing consumer preferences, demand and fashion trends; brand image and reputational risks; customer concentration; success of the Company's marketing and advertising programs; changes in spending of consumers and lower demand, including as a result of macroeconomic factors such as tariffs and inflation; seasonality of business; damage to brands and dependence on vendors; the Company's ability to execute retail strategies; the possibility that the anticipated benefits of the Company's partnerships with third parties will not be realized within anticipated time periods; reduced flexibility due to restrictive debt covenants; future availability of financing and limitations related to changes in the Company's credit ratings; loss of or disruption in centralized distribution centers; civil unrest; extreme or unseasonable weather conditions or natural disasters; international operational risks, including tariffs and political risks; fluctuations in the U.S. dollar and other foreign currencies; supply disruptions; increase in raw material costs; insolvency risk of parties with whom the Company does business or their unwillingness to perform their obligations; risks related to privacy issues and cyber and other security breaches; the Company's ability to upgrade, maintain and secure its information systems to support its needs and protect against cybersecurity threats; loss of intellectual property rights; the Company's ability to make successful acquisitions, investments, expansions and divestitures; ability to maintain adequate financial and management processes and controls; the Company's ability to attract and retain quality employees; risks related to labor costs and other challenges from a large workforce, including a deterioration in labor relations; NMG pension plan funding requirements; limits on insurance policies; exposure to changes in the real estate market; exposure to potential environmental liabilities relating to owned and leased real property; loss of flexibility with respect to properties in the real estate joint ventures; ability to realize the expected benefits from the real estate joint ventures or to effect a future monetization transaction with each of the real estate joint ventures; liabilities associated with lease guarantees and with third parties who have assumed leases from the Company; risks related to regulatory liability; inability to comply with laws and regulations that impact the Company's business, which could lead to litigation or regulatory actions against the Company; tariffs, duties, border adjustment taxes, trade restrictions, sanctions, quotas and voluntary export restrictions on imported merchandise; non-compliance with changing privacy regulatory environment; risks of product liability claims and product recalls; risks related to tax matters; changes in accounting standards and other risks inherent in the Company's business and/or factors beyond the Company's control which could have a material adverse effect; ability to manage indebtedness obligations and cash flow; and the ability of the Company to obtain additional financing on commercially reasonable terms or at all; risks related to increasing indebtedness and other contractual obligations with the Company's strategic partnerships. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. The purpose of forward-looking statements is to provide the reader with a description of management's current expectations regarding the Company's financial performance and may not be appropriate for other purposes; readers should not place undue reliance on forward-looking statements made herein. Furthermore, unless otherwise stated, the forward-looking statements contained in this release are made as of the date of this release, and the Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. The forward-looking statements contained in this release are expressly qualified by this cautionary statement. 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