INVESTIGATION ALERT: Scott+Scott Attorneys at Law LLP Investigates FG New America Acquisition Corp.’s Directors and Officers for Breach of Fiduciary Duties – OPFI, FGNA

NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether certain directors and officers of FG New America Acquisition Corp. (“FG New America”) (NYSE: FGNA); n/k/a OppFi Inc. (“OppFi”) (NYSE: OPFI) breached their fiduciary duties to FG New America’s shareholders. If you were an FG New America shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982, or [e-mail].

Scott+Scott is investigating 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 had 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.”

Overall, the stock price has declined by over 75% since the merger, with shares currently trading at $2.19/share.

What You Can Do

If you were an FG New America shareholder, you may have legal claims against FG New America’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982, or [e-mail].

About Scott+Scott

Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.

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