B. Riley Financial, Inc.
|Company Name||B. Riley Financial, Inc.|
On November 2, 2023, Bloomberg reported that Brian Kahn, the CEO of Franchise Group Inc. (“FRG”) had been identified by a “persons familiar with the matter” as a co-conspirator of John Hughes, who recently pleaded guilty to conspiracy to commit securities fraud.
On November 8, 2023, B. Riley executives stated during the Company’s third quarter earnings call that “[d]uring the quarter, we announced our role leading the financing of FRG’s $2 billion take-private transaction” and that “B. Riley’s business is much more than just FRG and to the extent to which we have ever needed to work to protect the firm’s interest and that of our investment partners, we have and always will.”
On this news, B. Riley’s share price fell, thereby injuring investors.
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