RILY - B. Riley Sued for Securities Law Violations; Investors Should Contact Block & Leviton for More Information | Benzinga
BOSTON, Feb. 05, 2024 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed against B. Riley Financial, Inc. (NASDAQ:RILY) for securities law violations. Investors who purchased shares and have lost money are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/rily.
What is this all about?
The lawsuit alleges that in May 2023, B. Riley entered into an agreement to assist client Brian Kahn in leading a management buyout of Franchise Group, Inc. ("FRG"). The transaction was partially financed by Nomura Holdings, Inc., and allowed Kahn and other senior managers of Franchise Group to acquire the remaining 64% stake that they did not own. It is alleged that on November 2, 2023, Kahn was implicated as an unnamed coconspirator in a conspiracy to defraud investors of $294 million in funds.
Throughout the Class Period, it is alleged that Defendants made materially false and/or ...