SAN DIEGO, June 17, 2024 (GLOBE NEWSWIRE) — The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in NASDAQ: RILY shares.
Investors who purchased shares of B. Riley Financial, Inc. (NASDAQ: RILY) prior to May2023 and continue to hold any of those NASDAQ: RILY shares have also certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
Franchise Group, Inc. (“FRG”) is a holding company which acquires and manages companies, primarily franchises. FRG is a client of B. Riley Financial, Inc.
In May 2023, B. Riley Financial, Inc. entered into an agreement to assist the CEO of FRG in leading a management buyout of FRG. The $2.8 billion deal was completed on August 21, 2023.
On January 24, 2024, an investor in NASDAQ: RILY shares filed a lawsuit alleging violations of securities laws by B. Riley Financial, Inc. The plaintiff alleged that the defendants failed to disclose to investors that Brian Kahn had been credibly implicated in a conspiracy to defraud investors of millions of dollars, that, in spite of this involvement, B. Riley continued to finance the transaction enabling Kahn and others to take FRG private through complex arrangements, that the foregoing was reasonably likely to draw regulatory scrutiny to B. Riley, and 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.
Those who purchased NASDAQ: RILY shares should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
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