Update on Lawsuit Involving B. Riley Financial, Inc. (NASDAQ: RILY) – Shareholders Foundation, Inc.

The Shareholders Foundation, Inc. has announced an update in the lawsuit pending for certain investors in B. Riley Financial, Inc. (NASDAQ: RILY) shares. This development comes after an investor filed a lawsuit against B. Riley Financial, Inc. on January 24, 2024, alleging securities laws violations.

The plaintiff claimed that the defendants failed to disclose that Brian Kahn had been implicated in a conspiracy to defraud investors of millions of dollars. Despite this involvement, B. Riley continued to finance the transaction enabling Kahn and others to take FRG private through complex arrangements. The plaintiff argued that these actions were likely to draw regulatory scrutiny to B. Riley, and as a result, the defendants’ positive statements about the company’s business, operations, and prospects were misleading.

On August 08, 2024, the court issued an order consolidating multiple cases filed against B. Riley Financial, Inc. Investors who purchased shares of B. Riley Financial, Inc. (NASDAQ: RILY) and continue to hold those shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service that conducts research related to shareholder issues. They inform investors of securities class actions, settlements, judgments, and other legal news related to the stock and financial market. It is important to note that the Shareholders Foundation, Inc. is not a law firm and the information provided is for public service and should not be relied upon as legal advice.

For more information, investors can contact Michael Daniels, Manager at mail@shareholdersfoundation.com or call 858-779-1554.

Source: Shareholders Foundation, Inc.