B. Riley Financial, Inc.
A securities class action has been filed in the USDC – C.D.CA. against B. Riley Financial, Inc. (RILY) (“B. Riley” or the “Company”), on behalf of all persons and entities that purchased or otherwise acquired B. Riley common stock between May 10, 2023 and November 9, 2023, both dates inclusive (the “Class Period”).
B. Riley is a financial services platform. The Company, through its subsidiaries, provides services including: investment banking, brokerage, wealth management, asset management, direct lending, business advisory, valuation, and asset disposition. B. Riley’s clients include public and private companies, financial sponsors, investors, financial institutions, and individuals.
The complaint alleges that, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors:
(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, thereby harming investors.
If you purchased B. Riley common stock during the Class Period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
If you suffered a loss on your investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.
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