B. Riley Financial, Inc.
Exchange: NASDAQ
Ticker: RILY
Date of Filing: 01/25/2024
Court: Central District of California
Filing Deadline

03/25/2024

TWERSKY LAW GROUP Notifies B. Riley Financial, Inc. (RILY) Investors of Class Action

B. Riley Financial – Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against B. Riley Financial, Inc. (“B. Riley Financial” or “the Company”) (NASDAQ: RILY) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired B. Riley Financial securities from May 10, 2023 through November 9, 2023 (the “Class Period”). Investors who acquired B. Riley Financial securities during this defined timeframe are strongly encouraged to participate in this case by contacting atara@twerskylawgroup.com. The deadline to file a motion for appointment of lead plaintiff is March 25, 2024.

The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased B. Riley Financial securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.

 

ALLEGATIONS AGAINST B. RILEY FINANCIAL

In May 2023, B. Riley assisted Brian Kahn in a $2.8 billion management buyout of Franchise Group, Inc. The deal closed on August 21, 2023. On November 2, 2023, Kahn was implicated in a $294 million investor fraud conspiracy. The DOJ named him as an unnamed coconspirator, leading to a stock drop of 22%. The Friendly Bear’s tweet raised doubts about B. Riley’s knowledge, causing another 15% stock decrease on November 10, 2023. Further revelations about complex financial transactions led to a 14% decline on November 13, 2023. The class action alleges that Defendants failed to disclose Kahn’s involvement, the risk of regulatory scrutiny, and made misleading statements about the Company’s prospects.

 

ABOUT B. RILEY FINANCIAL

  • B. Riley Financial Inc. is a diversified financial services company based in the United States, offering a comprehensive range of services such as investment banking, wealth management, asset valuation, and financial consulting. Operating through various subsidiaries, the company caters to individuals, businesses, and institutional clients, providing expertise in mergers and acquisitions, capital raising, and financial advisory services. 
  • B. Riley Financial Inc. offers personalized financial solutions, while also specializing in asset valuation and disposition, including appraisal, auction, and liquidation services. As a publicly traded company, it is listed on a major stock exchange, and its growth has been facilitated through strategic acquisitions, contributing to a diversified business model that spans different segments of the financial services industry.

 

JOIN THIS CASE

It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in B. Riley Financial during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is March 25, 2024. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.

Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.



DOCUMENTS


COMPLAINT

PLEASE READ THE COMPLAINT  DOCUMENT BEFORE SIGNING UP FOR THIS CASE.

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