FAT - Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Fat Brands Inc. (FAT FATBB FATBP FATBW) | Benzinga
NEW YORK, June 10, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired Fat Brands Inc. ("Fat Brands" or the "Company") (NASDAQ:FAT, FATBB, FATBP, FATBW)) securities between March 24, 2022 and May 10, 2024, inclusive (the "Class Period"). The lawsuit seeks to recover damages for the Company's investors under the federal securities laws.
The Complaint in the lawsuit 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, the Complaint alleges that the Defendants failed to disclose to investors that: (1) Defendants failed to disclose that Andrew A. Wiederhorn, the Company's Chairman and former CEO, had received improper payments from the Company, exposing Fat Brands to criminal liability and; (2) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.
The Complaint ...