Lawsuit filed for Investors who lost money with shares of B. Riley Financial, Inc. (NASDAQ: RILY)

An investor, who purchased shares of B. Riley Financial, Inc. (NASDAQ: RILY), filed a lawsuit over alleged violations of Federal Securities Laws by B. Riley Financial, Inc. in connection with certain allegedly false and misleading statements made between May 10, 2023 and November 9, 2023.

Investors who purchased shares of B. Riley Financial, Inc. (NASDAQ: RILY) have certain options and for certain investors are short and strict deadlines running. Deadline: March 24, 2024. NASDAQ: RILY investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Los Angeles, CA based B. Riley Financial, Inc., through its subsidiaries, provides financial services to corporate, institutional, and high net worth clients in North America, Australia, and Europe.

On January 21, 2024, Bloomberg News released an article entitled "SEC Probes B. Riley Deals With Client Tied to Failed Fund". This article stated in pertinent part that "U.S. authorities are investigating B. Riley Financial's deals with a client who was linked to a securities fraud, and the use of his assets to help the investment bank obtain a loan from Nomura Holdings Inc., according to people familiar with the matter."

Shares of B. Riley Financial, Inc. (NASDAQ: RILY) declined from $60.72 per share in July 2023, to as low as $18.09 per share on January 22, 2024.

The plaintiff claims that between May 10, 2023 and November 9, 2023, the Defendants failed to disclose to investors that Brian Kahn had been credibly implicated in a conspiracy to defraud investors of millions of dollars, that, in spite of this involvement, B. Riley continued to finance the transaction enabling Kahn and others to take FRG private through complex arrangements, that the foregoing was reasonably likely to draw regulatory scrutiny to B. Riley, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of B. Riley Financial, Inc. (NASDAQ: RILY) 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.