Results for: Independent Investigation

B. Riley (RILY) surged 21.8% pre-market following the company’s announcement of an independent investigation clearing it and its executives of any involvement in alleged misconduct concerning Brian Kahn. The findings corroborated an earlier internal review conducted by Sullivan & Cromwell. Amidst the ongoing probe, B. Riley also filed its financial results for the year ended December. Previously, the firm had secured an extension for its 2023 audited financial statements filing under its credit agreement with Nomura.

B. Riley Financial, a diversified financial services platform, has filed its Annual Report on Form 10-K for the fiscal year ended 2023. The report highlights the company’s continued strong performance, its commitment to clients and shareholders, and its strategic initiatives for the future.

Key highlights of the report include:

* Confirmation from an independent investigation that the company and its executives had no involvement in or knowledge of any misconduct concerning Mr. Kahn or any of his affiliates.
* Clarification regarding the company’s investment in Freedom VCM, addressing unsubstantiated claims about its role in the FRG take-private transaction.
* The company’s ongoing strategic review process for Great American Group, with significant interest expressed to date.
* The company’s intent to amend its Current Report on Form 8-K to include updated historical FRG financial statements and related pro forma financials.

B. Riley Financial is committed to delivering tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. The company believes that the information provided in its Annual Report demonstrates its strong financial foundation, commitment to transparency, and dedication to creating value for stakeholders.