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https://www.bloomberg.com/news/articles/2024-03-15/b-riley-says-it-s-still-working-with-auditors-on-delayed-10-k
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B. RILEY FAILS TO FILE AUDITED RESULTS AS GRACE PERIOD ENDS
* Bank says working to file ‘as soon as reasonably practicable’
* Concerns about a former business partner have clobbered stock
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By Rick Green
March 16, 2024 at 5:16 AM GMT+8
Updated on
March 16, 2024 at 6:08 AM GMT+8
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B. Riley Financial Inc., the boutique investment bank under attack from short
sellers about its dealings with a former business partner, failed to file its
audited results after an extension period ended.
The company said it continues to work with its auditors as it seeks to complete
and file its annual report “as soon as reasonably practicable,” it said in a
statementBloomberg Terminal.
Shares in the bank were down about 6% as of 5:30 p.m. in New York, after falling
about 16% year to date.
A representative for the bank declined to comment beyond the statement.
The delay has added to pressure on B. Riley, whose stock has been battered by
concerns about its relationship with Brian Kahn, the founder of Franchise Group
Inc. B. Riley helped Kahn arrange a buyout of Franchise Group, lent money to
Kahn and used some of his assets to help back a loan that B. Riley obtained from
Nomura Holdings Inc.
B. Riley missed the initial deadline for filing its annual report and attributed
the delay in a Feb. 29 disclosure to the board’s review of the firm’s
transactions with Kahn. He was labeled as an unidentified co-conspirator in a US
Department of Justice criminal case prompted by the 2020 collapse of the
Prophecy Asset Management hedge fund, Bloomberg News previously reported.
Kahn has categorically denied any wrongdoing and said he was among those who
lost money when Prophecy collapsed. Riley has said it had no knowledge of what
happened at Prophecy and wasn’t involved with the hedge fund.
The US Securities and Exchange Commission gives companies a customary 15-day
extension to file overdue reports. B. Riley missed last year’s initial deadline
too, citing recent acquisitions, but was able to finish the job within the grace
period. The firm said in its Feb. 29 filing that it didn’t expect significant
changes to the financial results it had posted for the fourth quarter and
full-year of 2023.
Read More: B. Riley Faces Investors After Deals, Profits and Stock Go Sour
B. Riley, founded by Chief Executive Officer Bryant Riley, traces its roots to
1997 as a boutique stock-picking firm focused on smaller companies. It now
offers a birth-to-death business model for smaller publicly traded clients,
including stock and bond offerings.
(Updates with company response in fourth paragraph.)
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