Latest news with #Abacus
Business Wire
a day 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
a day ago
- Business
- Business Wire
Abacus Global Management, Inc. (ABL) Investors Who Lost Money – Contact Law Offices of Howard G. Smith About Securities Fraud Investigation
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Abacus Global Management, Inc. ('Abacus' or the 'Company') (NASDAQ: ABL) investors concerning the Company's possible violations of federal securities laws. IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN ABACUS GLOBAL MANAGEMENT, INC. (ABL), CONTACT THE LAW OFFICES OF HOWARD G. SMITH ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS. Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at howardsmith@ by telephone at (215) 638-4847 or visit our website at 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 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: Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, Telephone: (215) 638-4847 Email: howardsmith@ Visit our website at: This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Business Wire
a day 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.
Yahoo
2 days ago
- Business
- Yahoo
Abacus Global Management Responds to False Short Report – Revenues Consistent with 20-Year Track Record
ORLANDO, Fla., June 04, 2025 (GLOBE NEWSWIRE) -- Abacus Global Management, Inc. ('Abacus' or the 'Company') (NASDAQ: ABL), a leader in the alternative asset management space, today provided the following response to a false and misleading short attack. Abacus has been buying and selling life insurance policies for over two decades with long-standing and trusted counter-party relationships. If Abacus used flawed data causing over-valuation of the underlying insurance product assets, the Company would be going out of business, not consistently producing positive realized returns. As highlighted in the first quarter 10-Q Abacus filed on May 8, 2025, Abacus realized gains of nearly 40% while deploying capital of 126 million. These realized gains were within a margin of error of 2% of the mark from the prior quarter. "Our returns and valuation are audited, and consistent with a 20-year track record of generating positive revenue. This is a copy and paste of fiction from our largest competitor, who has been shopping this story for months. Our success and growth put a bullseye on us, that's fine – we are going to continue to grow,' said Jay Jackson, Chief Executive Officer at Abacus Global Management. Abacus is highly regulated in nearly every state, and Abacus is the only top player in the category that is publicly traded, receiving higher scrutiny than our privately-held competitors. Abacus will be producing a more detailed response to the inaccurate and false claims made by the short seller in the coming days. Abacus is committed to pursuing all available legal remedies against the individuals and entities responsible for orchestrating and disseminating the false and misleading short attack. Forward-Looking Statements All statements in this press release (and oral statements made regarding the subjects of this press release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Abacus. Forward-looking information includes but is not limited to statements regarding: Abacus's financial and operational outlook; Abacus's operational and financial strategies, including planned growth initiatives and the benefits thereof, Abacus's ability to successfully effect those strategies, and the expected results therefrom. These forward-looking statements generally are identified by the words 'believe,' 'project,' 'estimate,' 'expect,' 'intend,' 'anticipate,' 'goals,' 'prospects,' 'will,' 'would,' 'will continue,' 'will likely result,' and similar expressions (including the negative versions of such words or expressions). While Abacus believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the fact that Abacus's loss reserves are bases on estimates and may be inadequate to cover its actual losses; the failure to properly price Abacus's insurance policies; the geographic concentration of Abacus's business; the cyclical nature of Abacus's industry; the impact of regulation on Abacus's business; the effects of competition on Abacus's business; the failure of Abacus's relationships with independent agencies; the failure to meet Abacus's investment objectives; the inability to raise capital on favorable terms or at all; the effects of acts of terrorism; and the effectiveness of Abacus's control environment, including the identification of control deficiencies. These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Abacus with the U.S. Securities and Exchange Commission from time to time, including the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Abacus cautions you not to place undue reliance on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Abacus assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Abacus does not give any assurance that it will achieve its expectations. About Abacus Abacus Global Management (NASDAQ: ABL) is a leading financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services. With a focus on longevity-based assets and personalized financial planning, Abacus leverages proprietary data analytics and decades of industry expertise to deliver innovative solutions that optimize financial outcomes for individuals and institutions worldwide. Contacts:Investor RelationsRobert F. Phillips – SVP Investor Relations and Corporate Affairsrob@ 290-1198 David Jackson – Director of IR/Capital Marketsdavid@ 299-0716 Abacus Global Management Public Relationspress@ 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
Business Wire
2 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.
