LEAD PLAINTIFF DEADLINE IS MAY 17,2022
NEW YORK , March 24, 2022 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against FAT Brands, Inc. ("FAT Brands" or the "Company") (NASDAQ: FAT) in the United States District Court for the Central District of California on behalf of all persons and entities who purchased or otherwise acquired FAT Brands securities between
December 4, 2017 and February 18, 2022, both dates inclusive (the "Class Period").
All investors who purchased the shares ofFAT Brands, Inc.and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in FAT Brands, Inc. you may, no later than May 17, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in FAT Brands, Inc.
PLEASE CLICK HERE TO JOIN THE CASE
The filed complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors:
- the Company and the Wiederhorns engaged in transactions "for no legitimate corporate purpose;"
- the Company ignored warning signs relating to transactions with the Wiederhorn's;
- as a result, the Company was likely to face increased scrutiny, investigations, and other potential issues;
- certain executives, who are touted as critical to the Company's success, were at great risk of scrutiny-potentially, at least in part, due to the Company's actions;
- the Company's touted chief executive officer (CEO) and chief operating officer (COO) were under investigation regarding transactions with the Company; and
- as a result, defendants' public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
FAT Brands is the subject of a report published by the Los Angeles Times on February 19, 2022. According to the Times, "Federal authorities have been investigating Andrew Wiederhorn, Chief Executive of the company that owns the Fatburger and Johnny Rockets restaurant chains, and examining one of his family member's actions as part of an inquiry into allegations of securities and wire fraud, money laundering and attempted tax evasion, court records show."
On this news, FAT Brands' stock fell $2.42, or 22.9%, to close at $8.14 per share on February 22, 2022.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
