RILY - Wolf Popper LLP Is Investigating Senior Management and the Board of Directors of B. Riley Inc. for Potential Breaches of Fiduciary Duty | Benzinga
NEW YORK, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Wolf Popper LLP is investigating potential claims on behalf of shareholders of B. Riley, Inc. ("B. Riley") (NASDAQ:RILY) against B. Riley's Board of Directors and members of its senior management concerning B. Riley's relationship with Brian Kahn, Chief Executive Officer of Franchise Group, Inc. ("FRG").
In May 2023, B. Riley entered into an agreement to assist Brian Kahn in leading a management buyout of FRG. The deal was completed in August 2023. On November 2, 2023, Kahn was implicated as an unnamed coconspirator in a conspiracy to defraud $294 million in funds from investors in Prophecy Asset Management. B. Riley has acknowledged that it had invested $281.1 million in the management buyout and had made a separate $201 million loan to Kahn's ...