FAT Brands Inc. Company News: Berger Montague Investigates Securities Fraud Allegations Against FAT Brands, Inc. (NASDAQ: FAT); Lead Plaintiff Deadline is May 17, 2022
PHILADELPHIA, April 22, 2022 /PRNewswire/ -- Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of FAT Brands, Inc. ("FAT" or the "Company") (NASDAQ: FAT) between December 4, 2017, and February 2022 (the "Class Period").
If you purchased FAT securities during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Michael Dell'Angelo at mdellangelo@bm.net or (215) 875-3080 or visit: https://investigations.bergermontague.com/fat-brands-inc/
Whistleblowers: Anyone with non-public information regarding FAT is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
According to the complaint, FAT and members of senior management, including its CEO Andrew Wiederhorn, failed to disclose that the Company and the Wiederhorn family had engaged in transactions for no legitimate corporate purpose, and that the Company was likely to face increased regulatory scrutiny, and indeed that the Company's CEO and COO were under investigation regarding such transactions.
The suit alleges that investors began to learn the truth on February 19, 2022, when a report in the Los Angeles Times stated that, according to an FBI investigation, CEO Wiederhorn "'devised and executed a fraudulent scheme' to avoid paying taxes and received 'millions of dollars in sham loans' through his companies."
Thereafter, on February 22, 2022, FAT revealed that in December 2021, the US Department of Justice and Securities and Exchange Commission had opened investigations concerning compensation, extensions of credit, and other payments received by CEO Wiederhorn or his family.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Michael Dell'Angelo, Executive Shareholder
Berger Montague
(215) 875-3080
mdellangelo@bm.net
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SOURCE Berger Montague
