Vida Longevity Investors Represented by Goldman Scarlato & Penny Attorneys File Suit Against Vida Companies, Affiliates, and Former Executive

PHILADELPHIA, March 31, 2021 /PRNewswire/ -- Vida Longevity Fund investors represented by the investor rights lawyers at the Goldman Scarlato & Penny law firm and their co-counsels have filed a class action complaint against Vida Longevity Fund ("VLF" or "Vida"), Vida Management I, Vida Capital Management, Vida Capital Inc, Vida Capital LLC, and VLF's former chief executive officer, seeking compensation in connection with their recent Vida investment losses.

The Vida investors' complaint alleges that Vida investors experienced losses due to deficiencies in the processes and procedures used by Vida for evaluating and pricing its assets. The complaint further alleges that the securities offering documents distributed to the Vida investors contained misrepresentations and failed to disclose important information related to the lack of implementation of adequate underwriting procedures, Vida's failure to update the life expectancies on its Longevity Contingent Assets, Vida's failure to properly assess the risk of the Longevity-Contingent Assets, Vida's lack of adequate personnel, and Vida's inadequate algorithmic process which allegedly underpinned VLF's pricing and evaluation. No judgment has been entered as to the recently-filed allegations and there has not been a finding of liability as to any entities referenced in this release.

Alleged Failure to Disclose Conflicts
In addition to the above-mentioned allegations, the complaint alleges that Vida Longevity Fund's private placement memorandum did not disclose an important conflict of interest involving a company controlled by Vida's then chief executive officer, which company was also investing in life settlements and thus was a competitor of Vida. Crucially, the Vida investors' complaint alleges, that other company invested forty million dollars in Vida but, unbeknownst to Vida investors, it withdrew its investment in 2018 while Vida was in process of raising money from investors.

The Vida investors' complaint alleges that Vida's offering documents failed to disclose the following material facts:

• because both Vida and the other company controlled by Vida's then-chief executive officer used the same life settlement policy originator, Vida's chief executive officer, who was a principal of all those entities, had to decide which company gets the best deal;
• both Vida and the other company raised funds simultaneously, and shared some investors;
• both companies used some of the same broker-dealers; and
• Vida and the other company shared the same office space in Austin, Texas.

Allegations of Fraudulent Sales, Control Person Liability and Materially Aiding Violations of Texas Securities Act
The plaintiffs in the class action lawsuit filed against Vida entities and Vida's then-CEO further allege that Vida Longevity Fund offered and sold securities to investors through the use of untrue statements and/or omissions of material facts. The class plaintiffs also allege that Vida Management I and Vida's then-CEO directed and controlled the alleged misconduct and were aware or should have known about the alleged misconduct. In addition, in their capacity as advisors, partners and managers of Vida Longevity Fund, Vida Capital Management, Vida Capital Inc, and Vida Capital LLC participated in Vida Longevity Fund's alleged scheme while being aware of the materially false and misleading statements used in the Vida Longevity Fund's offering documents.

Investors in Vida Longevity May Contact the Goldman Scarlato & Penny Attorneys
Investors who are concerned about their Vida investments may contact the Goldman Scarlato & Penny securities attorneys Alan Rosca and Paul Scarlato with any questions regarding this matter and their investments, or to offer useful information, toll free at 888-998-0530, via email at [email protected] or [email protected], or by leaving a message through the contact form on the Vida Longevity Investor Center page.

Copyright Goldman Scarlato & Penny PC ("GSP") 2021. This release contains attorney advertising. Visit investorlawyers.org for important disclosures and the GSP attorneys' respective admissions to practice law.

SOURCE Goldman Scarlato & Penny