Press release
Lawsuit filed for Investors who lost Money with shares of Brands Inc. (NASDAQ: FAT)
A lawsuit was filed on behalf of investors in Brands Inc. (NASDAQ: FAT) shares over alleged securities laws violations.
Investors who purchased shares of Brands Inc. (NASDAQ: FAT) have certain options and for certain investors are short and strict deadlines running. Deadline: August 6, 2024. NASDAQ: FAT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Beverly Hills, CA based FAT Brands Inc., a multi-brand franchising company, acquires, develops, and markets quick-service, fast casual, and casual dining restaurant concepts worldwide.
On May 10, 2024, the United States Attorney's Office for the Central District of California issued a press release entitled "Former CEO and Controlling Shareholder of Fat Brands Inc., Former CFO, and a Tax Advisor Indicted in Alleged Scheme to Conceal $47 million Paid to CEO in the Form of Shareholder Loans." The press release revealed that "Andrew A. Wiederhorn, the former CEO and current controlling shareholder of [Fat Brands], has been indicted on federal charges alleging a scheme to conceal $47 million in distributions he received in the form of shareholder loans from the IRS, FAT's minority shareholders, and the broader investing public[.]" It further stated that "Wiederhorn-assisted by FAT's [CFO] and his outside accountant at advisory firm Andersen - concealed millions of dollars in reportable compensation and taxable income and evaded the payment of millions of dollars in taxes, while causing FAT itself to violate the Sarbanes-Oxley Act's prohibition on direct and indirect extensions of credit to public-company CEOs in the form of a personal loan."
Shares of Brands Inc. (NASDAQ: FAT) declined from $9.48 per share on February 07, 2024, to $5.07 per share on May 24, 2024.
According to the complaint the plaintiff alleges on behalf of purchasers of Brands Inc. (NASDAQ: FAT) common shares between March 24, 2022 and May 10, 2024, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 24, 2022 and May 10, 2024, the defendants made materially false and/or misleading statements and/or failed to disclose that defendants failed to disclose that Andrew A. Wiederhorn, the Company's Chairman and former CEO, had received improper payments from the Company, exposing FAT Brands to criminal liability, and that as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Those who purchased shares of Brands Inc. (NASDAQ: FAT) 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.
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