B. Riley Financial (NASDAQ:RILY) stock is falling on Monday after the company delayed its Form 10-K for 2023.
A Form 12b-25 filing with the Securities and Exchange Commission (SEC) reveals that the company couldn’t have the filing ready by the Feb. 29 cutoff date. It contributes to the delay of one main factor.
The first is an ongoing review by the B. Riley Financial board of directors’ Audit Committee. The group is also working with outside counsel on this review.
This review concerns transactions between B. Riley Financial and Brian Kahn. Kahn is the leader of a failed hedge fund and this has investigators taking a closer look at his dealings with B. Riley Financial.
How This Affects RILY Stock
With this news comes a 12.5% drop in price for RILY stock on Monday morning. It’s also worth mentioning that B. Riley Financial, Inc. – 6.00% Senior Notes Due 2028 (NASDAQ:RILYT) are also down today. These are falling 14% during pre-market trading today.
B. Riley Financial is a financial services company that operates out of Los Angeles, California. It was founded in 1973 as Great American Group before changing to its current name in 2014.
Investors who want to dive into even more of the most recent stock market stories will want to stick around!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
