Trending...
- J.S. Held Digital, Data & Technology Experts Address Evolving Business Risks & Opportunities
- Hery Acosta Releases New Memoir - Eddie in the Rough
- New Rochelle: NR Youth Bureau launches Club G.A.M.E
If you suffered losses exceeding $75,000 investing in B. Riley stock or options between May 10, 2023 and November 9, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/RILY.
There is no cost or obligation to you.
NEW YORK, Feb. 16, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against B. Riley Financial, Inc. ("B. Riley" or the "Company") (NASDAQ: RILY) and reminds investors of the March 25, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) that Brian Kahn had been credibly implicated in a conspiracy to defraud investors of millions of dollars; (2) that, in spite of this involvement, B. Riley continued to finance the transaction enabling Kahn and others to take FRG private through complex arrangements; (3) that the foregoing was reasonably likely to draw regulatory scrutiny to B. Riley; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
More on Nyenta.com
In May 2023, B. Riley entered into an agreement to assist its client, Brian Kahn, in leading a management buyout of Franchise Group, Inc. ("FRG"). Kahn is CEO of FRG. The $2.8 billion deal was completed on August 21, 2023.
On November 2, 2023, Kahn was implicated as the unnamed coconspirator in a conspiracy to defraud investors of $294 million in funds. Specifically, the Department of Justice announced that Prophecy Asset Management ("Prophecy") president John Hughes ("Hughes") had pled guilty to the charge with two unnamed co-defendants, and the SEC filed a complaint against Hughes for the same misconduct. Bloomberg reported on that same day that Kahn had been identified by "a person familiar with the matter" as one of the unnamed conspirators.
On November 3, 2023, after the market closed, The Friendly Bear tweeted, doubting whether B. Riley knew of Kahn's involvement and disclosed the same to Nomura. The Friendly Bear also commented that the DOJ's "charging document clearly implicates him [i.e., Kahn] in Hughes' crime. There is a high chance of indictment here." On this news, the Company's stock price dropped $9.02, or 22%, to close at $32.54 per share on the next trading day, November 6, 2023, on unusually heavy trading volume.
On November 9, 2023, after the market closed, the Company revealed significant details concerning the FRG transaction and the years-long series of complex financial transactions between B. Riley, Kahn, and the Company's respective subsidiaries, which culminated in the August 21, 2023 transaction. Analyzing these complex transactions, The Friendly Bear reported that "B Riley ended up funding 281MM of what was around a 560MM equity check. That's over 50% ownership. Yet they claim to have only 31% voting rights. It looks like B Riley engaged in some funny business to avoid consolidation and placed control of FRG in the hands of the star of 'Prophecy' - Brian Kahn."
More on Nyenta.com
On this news, the Company's stock price fell $4.47, or 15%, to close at $25.60 per share on November 10, 2023, on unusually heavy trading volume. The Company's stock price continued to fall $4.59, or 14%, over the next consecutive trading session to close at $22.01 per share on November 13, 2023, on unusually heavy trading volume.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding B. Riley's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
SOURCE Faruqi & Faruqi, LLP
There is no cost or obligation to you.
NEW YORK, Feb. 16, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against B. Riley Financial, Inc. ("B. Riley" or the "Company") (NASDAQ: RILY) and reminds investors of the March 25, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) that Brian Kahn had been credibly implicated in a conspiracy to defraud investors of millions of dollars; (2) that, in spite of this involvement, B. Riley continued to finance the transaction enabling Kahn and others to take FRG private through complex arrangements; (3) that the foregoing was reasonably likely to draw regulatory scrutiny to B. Riley; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
More on Nyenta.com
- Mahershala Ali to Receive the Muhammad Ali Voice of Humanity Honor from the Society of Voice Arts and Sciences, Underwritten by Audible
- Licepros Brings Safe, Affordable, and Professional Lice Removal to a Convenient Location in Conroe, TX
- Building Bridges to Economic Equality!
- Hollywood's Golden Age Lives in Palm Springs with All About Bette: An Interlude with Bette Davis starring Morgana Shaw and the Voice of Robert Wagner
- Bell Textron Selects Integris Composites as Armor Supplier for U.S. Army's Future Long Range Assault Aircraft (FLRAA)
In May 2023, B. Riley entered into an agreement to assist its client, Brian Kahn, in leading a management buyout of Franchise Group, Inc. ("FRG"). Kahn is CEO of FRG. The $2.8 billion deal was completed on August 21, 2023.
On November 2, 2023, Kahn was implicated as the unnamed coconspirator in a conspiracy to defraud investors of $294 million in funds. Specifically, the Department of Justice announced that Prophecy Asset Management ("Prophecy") president John Hughes ("Hughes") had pled guilty to the charge with two unnamed co-defendants, and the SEC filed a complaint against Hughes for the same misconduct. Bloomberg reported on that same day that Kahn had been identified by "a person familiar with the matter" as one of the unnamed conspirators.
On November 3, 2023, after the market closed, The Friendly Bear tweeted, doubting whether B. Riley knew of Kahn's involvement and disclosed the same to Nomura. The Friendly Bear also commented that the DOJ's "charging document clearly implicates him [i.e., Kahn] in Hughes' crime. There is a high chance of indictment here." On this news, the Company's stock price dropped $9.02, or 22%, to close at $32.54 per share on the next trading day, November 6, 2023, on unusually heavy trading volume.
On November 9, 2023, after the market closed, the Company revealed significant details concerning the FRG transaction and the years-long series of complex financial transactions between B. Riley, Kahn, and the Company's respective subsidiaries, which culminated in the August 21, 2023 transaction. Analyzing these complex transactions, The Friendly Bear reported that "B Riley ended up funding 281MM of what was around a 560MM equity check. That's over 50% ownership. Yet they claim to have only 31% voting rights. It looks like B Riley engaged in some funny business to avoid consolidation and placed control of FRG in the hands of the star of 'Prophecy' - Brian Kahn."
More on Nyenta.com
- Guitar Pickup Guru David Shepherd Launches His Own Boutique Brand
- CMI Plastics Achieves SGP Certification, Setting Sustainability Standard for Thermoforming Industry
- Unveiling the Costs of Hiring a Private Investigator
- Le Vian Unveils 2025 Jewelry Trends at JCK Luxury in Las Vegas
- Anora: a refreshing depiction of lewd workers as part of the working class
On this news, the Company's stock price fell $4.47, or 15%, to close at $25.60 per share on November 10, 2023, on unusually heavy trading volume. The Company's stock price continued to fall $4.59, or 14%, over the next consecutive trading session to close at $22.01 per share on November 13, 2023, on unusually heavy trading volume.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding B. Riley's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
SOURCE Faruqi & Faruqi, LLP
Filed Under: Business
0 Comments
Latest on Nyenta.com
- All About Bette: An Interlude with Bette Davis Premieres in Palm Springs starring Morgana Shaw and featuring the Voice of Robert Wagner
- Herald Square Dental Supports Bike MS
- The Common Thread That Unites Us All
- Gabrielle Ferrara Release New Children's Book Deathly Colors
- Austin Lane Technologies Marks 25 Years of Innovation with Industry-Leading ALMobile Solution
- Craveable Groceries, Delivered: Stew Leonard's Now Available on Uber Eats
- Blitz Champz NFL Card Game Now Available at Walmart for the Holiday Season
- A Fight between Good and Evil... A Christmas Tradition!
- University of Illinois Community Credit Union Goes Live with Scienaptic's AI-Powered Credit Underwriting Platform
- Valens Semiconductor to Host Investor Day on November 12, 2024
- The World's No.1 Superstar Unleashes Explosive Holiday Anthem "Decorating Christmas"
- MAPS Investors Have Opportunity to Lead WM Technology, Inc. Securities Class Action First Filed by the Firm
- The Ultimate Freedom LIVE 2024 to Empower Entrepreneurs and Professionals with Life, Business, and Wealth Mastery
- Patton Releases new Data Diode Software to Control Data Transport over Secure One-Way Data Diodes
- Bain & Company Named as "a Leader" in the 2024 Gartner® Magic Quadrant™ for the Finance Transformation Strategy Consulting Market
- Events by Dubsdread Launches New Website, Showcasing Central Florida's Premier Event and Catering Services
- Vantiva Launches HomeSightâ„¢ Connected Care Suite for Australia's Home Care Market
- Industrials Leader Bill Galvin Appointed as CD&R Operating Advisor
- Revealing Genius Announces Members of its Newly Formed Medical Military Veteran Advisory Board
- Virtuleap Launches Cogniclear VR for Early Cognitive Screening