Lawsuit filed for Investors who lost money with shares of BurgerFi International, Inc. (NASDAQ: BFI)

An investor, who purchased shares of BurgerFi International, Inc. (NASDAQ: BFI), filed a lawsuit over alleged violations of Federal Securities Laws by BurgerFi International, Inc. f/k/a Opes Acquisition Corp.in connection with certain allegedly false and misleading statements.

Investors who purchased a significant amount of shares of BurgerFi International, Inc. (NASDAQ: BFI; BFIIW; OPESU; OPES; OPESW) have certain options and for certain investors are short and strict deadlines running. Deadline: June 5, 2023. NASDAQ: BFI; BFIIW; OPESU; OPES; OPESW investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Fort Lauderdale, FL based BurgerFi International, Inc., together with its subsidiaries, owns and franchises fast-casual and premium-casual dining restaurants.

On December 17, 2020, BurgerFi International, Inc announced that it had completed a business combination with BurgerFi International, LLC ("Legacy BurgerFi"), a private Delaware limited liability company touted as "one of the nation's fastest-growing better burger concepts" (the "Business Combination"). As a result of the Business Combination, among other things, the Company purchased 100% of the membership interests of Legacy BurgerFi, resulting in Legacy BurgerFi becoming a wholly owned subsidiary of the Company, and the Company changed its name to "BurgerFi International, Inc."
Following the Business Combination, the Company, together with its subsidiaries, has owned and franchised fast-casual and premium-casual dining restaurants.
On November 4, 2021, BurgerFi International, Inc completed its acquisition of Anthony's Coal Fired Pizza & Wings ("Anthony's") for $156.6 million (the "Anthony's Acquisition"). Defendant Ophir Sternberg, Executive Chairman of the Company, touted the Anthony's Acquisition as "a significant step forward in BurgerFi's ongoing growth strategy and transition into a premium multibrand platform."

On August 11, 2022, BurgerFi International, Inc. issued a press release announcing the Company's second quarter ("Q2") 2022 results. Among other results, that press release reported Q2 revenue of $45.3 million, missing consensus estimates by $2.28 million. The Company also disclosed that "[n]et loss in the second quarter was $60.4 million compared to a net income of $9.0 million in the year-ago quarter[,]" which "[wa]s primarily the result of goodwill impairment charges of $55.2 million in relation to BurgerFi and Anthony's coupled with higher depreciation, amortization of intangibles, share-based compensation, interest expense resulting from the acquisition-related debt" (emphases in original).

Then, on November 16, 2022, BurgerFi International, Inc. issued a press release announcing the Company's third quarter ("Q3") 2022 results. Among other results, that press release reported Q3 revenue of $43.3 million, missing consensus estimates by $0.84 million, explaining that "[f]or the BurgerFi brand, same-store sales decreased 11% and 6% in corporate-owned and franchised locations, respectively" (emphases in original).

Shares of BurgerFi International, Inc. (NASDAQ: BFI) declined from over $16 per share in early 2021 to as low as $1.05 per share on March 24, 2023.

The plaintiff claims that between December 17, 2020 and November 15, 2022, the Defendants made false and/or misleading statements and/or failed to disclose that the Company had overstated the effectiveness of its acquisition and growth strategies, that the Company had misrepresented to investors the purported benefits of Anthony's Acquisition and its post-Business Combination business and financial prospects, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of BurgerFi International, Inc. (NASDAQ: BFI) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.