MSP Recovery, Inc. (MSPR): auditor change — MSP Recovery (LIFW) restates Q2 and Q3 2022 financial statements due to accounting errors in business combination

MSP Recovery, Inc.

Audit Committee concluded Q2 and Q3 2022 financials should no longer be relied upon due to errors in accounting for business combination.
Errors include using closing stock price instead of opening price for asset valuation and failure to consolidate rights to claim proceeds.
Material weaknesses in internal controls over complex transactions were identified.
Restated financials will be included in the 2022 annual report and future quarterly filings; no amendments to prior 10-Qs will be made.
Company discussed the matters with independent auditor Deloitte & Touche LLP.

item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

MSP Recovery, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

concluded that the Company’s quarterly financial statements for the periods ended June 30, 2022 and September 30, 2022 require restatements and should no longer be relied upon

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Source: SEC EDGAR

accession 0000950170-23-012923

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