NEW YORK, June 30, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against FAT Brands, Inc. (“Fat Brands” or the “Company”) (NASDAQ: FAT). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Fat Brands and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until August 6, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Fat Brands securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On May 10, 2024, the United States Attorney’s Office for the Central District of California issued a press release stating, in relevant part, that Fat Brands’ controlling shareholder and former Chief Executive Officer Andrew Wiederhorn (“CEO”), along with the Company’s former Chief Financial Officer (“CFO”) Hershinger and a tax advisor, had “been indicted on federal charges alleging a scheme to conceal $47 million in distributions [Wiederhorn] received in the form of shareholders loans from the IRS, FAT’s minority shareholders, and the broader investing public[.]” On that same day, the U.S. Securities and Exchange Commission filed a civil lawsuit against Fat Brands, CEO Wiederhorn, and CFO Hershinger, related to the same alleged misconduct.
On this news, Fat Brands’ stock price fell $2.08 per share, or 27.73%, to close at $5.42 per share on May 10, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
646-581-9980 ext. 7980
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