OppFi Officers and Directors Under Investigation for Fiduciary Duty Breaches

Schubert Jonckheer & Kolbe LLP is investigating potential derivative claims on behalf of shareholders of OppFi Inc. (NYSE: OPFI) relating to possible false and misleading statements and breaches of fiduciary duty in connection with the company’s July 2021 reverse merger and the correction of certain 2021 and 2022 financial statements, among other matters. 

On July 20, 2021, OppFi (formerly known as Opportunity Financial LLC) completed a reverse merger with FG New America Acquisition Corp., a special purpose acquisition company. Following the merger, OppFi’s market value has steadily fallen in the wake of negative disclosures and adverse regulatory actions, resulting in shareholder litigation accusing several OppFi officers and directors of misleading shareholders concerning aspects of OppFi’s business and their due diligence in connection with the merger.

Additionally, in December 2022, following an SEC inquiry, OppFi disclosed a material weakness in internal controls and that certain of its 2021 and 2022 financial statements “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.” OppFi subsequently restated its financial statements for the third and fourth quarters of 2021 and the first quarter of 2022 to correct the misstatements. Separately, in April 2022, the California Department of Financial Protection and Innovation filed a complaint against OppFi in California Superior Court alleging violations of the California Financing Law in connection with the company’s interest rates on consumer loans.

The Schubert Firm is investigating potential breaches of fiduciary duty by OppFi’s directors and officers in connection with these allegations.

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