The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Central District of California on behalf of shareholders of B. Riley Financial, Inc. who purchased common stock between May 10, 2023 and November 9, 2023.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Brian Kahn, a client of the Company, had been credibly implicated in a conspiracy to defraud investors of millions of dollars; (2) in spite of this involvement, B. Riley continued to finance the transaction enabling Kahn and others to take Franchise Group, Inc. private through complex arrangements; (3) the foregoing was reasonably likely to draw regulatory scrutiny to B. Riley; and (4) 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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until March 25, 2024 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.