{"id":71579,"date":"2024-03-15T17:13:05","date_gmt":"2024-03-15T17:13:05","guid":{"rendered":"https:\/\/pakistaninewspaperlist.com\/news\/b-riley-rily-down-53-year-to-date-amid-securities-class-action-and-sec-investigation-into-ties-with-client-allegedly-linked-to-securities-fraud-hagens-berman\/"},"modified":"2024-03-15T17:13:05","modified_gmt":"2024-03-15T17:13:05","slug":"b-riley-rily-down-53-year-to-date-amid-securities-class-action-and-sec-investigation-into-ties-with-client-allegedly-linked-to-securities-fraud-hagens-berman","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/b-riley-rily-down-53-year-to-date-amid-securities-class-action-and-sec-investigation-into-ties-with-client-allegedly-linked-to-securities-fraud-hagens-berman\/","title":{"rendered":"B. Riley (RILY) Down 53% Year-to-Date Amid Securities Class Action And SEC Investigation Into Ties With Client Allegedly Linked To Securities Fraud – Hagens Berman"},"content":{"rendered":"
\n

SAN FRANCISCO, March 15, 2024 (GLOBE NEWSWIRE) — Hagens Berman urges B. Riley Financial, Inc. (NASDAQ: RILY) <\/strong>investors who suffered substantial losses to submit your losses now<\/a>.<\/p>\n

Class Period: <\/strong>May 10, 2023 \u2013 Nov. 9, 2023
Lead Plaintiff Deadline: <\/strong>Mar. 25, 2024
Visit<\/strong>: www.hbsslaw.com\/investor-fraud\/RILY<\/a>
Contact An Attorney Now<\/strong>: RILY@hbsslaw.com<\/a>
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0844-916-0895<\/strong><\/p>\n

B. Riley Financial, Inc. (NASDAQ: RILY) Securities Fraud Class Action: <\/strong><\/p>\n

The accuracy of B. Riley\u2019s disclosures about its involvement in a client\u2019s (Franchise Group or \u201cFRG\u201d) Aug. 21, 2023 $2.8 billion take-private transaction and its arrangements with FRG\u2019s now former CEO (Brian Kahn) has again come into question.<\/p>\n

Specifically, on Feb. 12, 2024, after the market closed, The Wall Street Journal<\/em> published an article entitled \u201cUnraveling the Money Trail at B. Riley Financial.\u201d In it, the WSJ<\/em> observed that, in an Aug. 28, 2023 press release, B. Riley said it invested $216.5 million of new capital in the FRG transaction in contrast to the company\u2019s later Nov. 9, 2023 disclosure that it actually invested $281.1 million in the transaction. The WSJ <\/em>\u201cfollowed the crumbs\u201d and attributed B. Riley\u2019s approximate $64 million investment understatement on Aug. 28 to its undisclosed purchase of management rollover shares primarily from Kahn before it upped its investment to $281.1 million.<\/p>\n

The WSJ<\/em> report comes on the heels of a securities fraud class action complaint, which alleges B. Riley misrepresented and failed to disclose to investors: (1) that Kahn had been credibly implicated in a conspiracy to defraud investors of millions of dollars; (2) that, despite this involvement, B. Riley continued to finance the transaction enabling Kahn and others to take FRG private through complex arrangements; and (3) the foregoing was reasonably likely to draw regulatory scrutiny to B. Riley.<\/p>\n

The Feb. 12 news also follows (1) Bloomberg<\/em>\u2019s early Nov. 2023 report that Kahn is an unidentified co-conspirator in a Justice Department criminal case prompted by the 2020 demise of the Prophecy Asset Management hedge fund, (2) Jan. 22, 2023 news that Kahn was stepping down as CEO of FRG, just months after B. Riley assisted him with the FRG buyout, and (3) reports from media outlets that the SEC is investigating B. Riley and its relationship with Kahn.<\/p>\n

B. Riley\u2019s shares have been in tailspin since Bloomberg<\/em> first broke the news about Kahn last November.<\/p>\n

\u201cWe\u2019re investigating whether B. Riley made adequate disclosures concerning the FRG investment and the company\u2019s relationship with Kahn,\u201d said Reed Kathrein, the Hagens Berman partner leading the B. Riley investigation.<\/p>\n

If you invested in B. Riley and have substantial losses, or have knowledge that may assist the firm\u2019s investigation, submit your losses now<\/a> \u00bb<\/p>\n

If you\u2019d like more information and answers to frequently asked questions about the B. Riley case and our investigation, read more<\/a> \u00bb<\/a><\/p>\n

Whistleblowers: <\/strong>Persons with non-public information regarding B. Riley should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895<\/strong> or email RILY@hbsslaw.com<\/a>.<\/p>\n

About Hagens Berman<\/a>
Hagens Berman is a global plaintiffs\u2019 rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at\u00a0hbsslaw.com<\/a>. Follow the firm for updates and news at\u00a0@ClassActionLaw<\/a>.\u00a0<\/p>\n

Attorney advertising.<\/strong>
Past results do not guarantee future outcomes.<\/strong>
Services may be performed by attorneys in any of our offices<\/strong>.\u00a0<\/p>\n

Contact: <\/u>
Reed Kathrein, 844-916-0895\u00a0<\/p>\n

\n <\/div>\n","protected":false},"excerpt":{"rendered":"

SAN FRANCISCO, March 15, 2024 (GLOBE NEWSWIRE) — Hagens Berman urges B. Riley Financial, Inc. (NASDAQ: RILY) investors who suffered substantial losses to submit your losses now. Class Period: May 10, 2023 \u2013 Nov. 9, 2023Lead Plaintiff Deadline: Mar. 25, 2024Visit: www.hbsslaw.com\/investor-fraud\/RILY Contact An Attorney Now: RILY@hbsslaw.com \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0844-916-0895 B. Riley Financial, Inc. (NASDAQ: RILY) Securities […]<\/p>\n","protected":false},"author":2,"featured_media":71580,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/ml.globenewswire.com\/Resource\/Download\/51670c91-d369-4a8c-8102-d393de9f6d19","fifu_image_alt":"","footnotes":""},"categories":[208],"tags":[],"class_list":["post-71579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-globenewswire"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/71579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/comments?post=71579"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/71579\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/71580"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=71579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=71579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=71579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}