While insurance recovery firm-turned-health care data company LifeWallet’s stock price continues to tumble on the Nasdaq, the company’s book value was slashed in half in a Thursday annual report that restated the company’s 2022 financials.
The 10-K, filed four months late, showed the company had overvalued intangible assets—which make up the vast majority of the company’s asset value—by roughly $1.7 billion dollars. It also improperly booked a $750 million loan from litigation financier Virage Capital Management as an asset.
