Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, May 31, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises FAT Brands Inc. (NASDAQ: FAT) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. FAT Brands Inc. investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
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 stated that “Andrew A. Wiederhorn, the former CEO and current controlling shareholder of the publicly traded Fat Brands Inc. (FAT), 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, the Justice Department announced today.”
On this news, the price of FAT Brands Class A common stock fell by $2.08 per share, or 27.73%, to close at $5.42 on May 10, 2024.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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