NEW YORK, NY / ACCESSWIRE / January 24, 2023 / Kehoe Law Firm, P.C. is investigating whether certain directors and officers FG New America Acquisition Corp. ("FG New America") (NYSE:FGNA); now known as OppFi Inc. ("OppFi") (NYSE:OPFI), breached their fiduciary duties to FG New America's shareholders.
The investigation concerns whether FG New America's board of directors or executive officers breached their duties of disclosure, duties of candor, and requirements to act in good faith, and whether FG New America's shareholders suffered damages as a result.
On July 16, 2021, FG New America shareholders of record as of June 21, 2021 approved a merger between FG New America and OppFi.
In March 2022, the California Department of Financial Protection and Innovation sued OppFi for regulatory violations and exceeding interest rate caps, and both the CEO and the CFO resigned within a few days thereof.
On December 9, 2022, OppFi announced that its Audit Committee determined that all financial statements for 2021 "should no longer be relied upon due to a misapplication of accounting guidance in connection with the Company's calculations of diluted earnings per share for such periods."
OppFi's stock price has declined significantly since the merger.
INVESTORS OF OPPFI STOCK WHO HELD FG NEW AMERICA SHARES ARE ENCOURAGED TO CLICK HERE TO CONTACT KEHOE LAW FIRM, P.C. AND PROVIDE DETAILS OF THEIR KATAPULT/FINSERV SECURITIES.
OPPFI SHAREHOLDERS WHO HELD FG NEW AMERICA STOCK ARE ALSO ENCOURAGED TO CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected], TO LEARN MORE ABOUT THE INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff-side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm, P.C. have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
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SOURCE: Kehoe Law Firm, P.C.