B. Riley (NASDAQ:RILY) stock is on the rise Wednesday as investors digest the company’s latest annual report and a fraud investigation.
The filing of that annual report is great news for investors in RILY stock. That’s because the company was past due to file it. With the 10-K now submitted, the company doesn’t have to worry about it causing problems from regulators or its listing status.
B. Riley results for the year include a net loss of $108 million alongside revenue of $1.644 billion. These were both adjusted from its preliminary 2023 net loss of $86.4 million and revenue of $1.647 billion.
B. Riley Chairman and co-CEO Bryant Riley said the following in the report:
“We are pleased to note that our overall business has continued to perform well since year-end. Relative valuations for small and mid-caps are as attractive as we have seen in years, and we are investing to grow our leadership in providing financial services and capital solutions to this underserved market.”
RILY Stock: Fraud Investigation
The Audit Committee of B. Riley’s Board of Directors brought in Winston & Strawn LLP for an independent investigation into fraud allegations. The result of the investigation showed the company and its executives did not know about client Brian Kahn’s alleged misconduct.
RILY stock is up 30.4% as of Wednesday morning with more than 8.4 million shares traded. That’s well above its daily average trading volume of about 1.3 million shares.
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On the date of publication, William White did not hold (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.
