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