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FAT, FATBB, FATBP, FATBW INVESTOR ALERT: Bronstein, Gewirtz & Grossman LLC Announces that Fat Brands Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit
New York, New York--(Newsfile Corp. - August 5, 2024) - Bronstein, Gewirtz & Grossman, LLC, a...
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[{"type":"text","content":"FAT, FATBB, FATBP, FATBW INVESTOR ALERT: Bronstein, Gewirtz & Grossman LLC Announces that Fat Brands Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action LawsuitNew York, New York--(Newsfile Corp. - August 5, 2024) - Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Fat Brands Inc. (NASDAQ: FAT) (NASDAQ: FATBB) (NASDAQ: FATBP) (NASDAQ: FATBW) (\"Fat Brands\" or \"the Company\") and certain of its officers.Class Definition:This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Fat Brands securities between March 24, 2022 and May 10, 2024, inclusive (the \"Class Period\"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/FAT.Case Details:According to the Complaint, Fat Brands describes itself as \"a leading multi-brand restaurant company that develops, markets, acquires and manages quick-service, fast casual, casual dining and polished casual dining restaurant concepts around the world[.]\"The Complaint alleges that Fat Brands made materially false and/or misleading statements because the Company misrepresented and failed to disclose the following adverse facts pertaining to its business, operations and prospects, which were known to the Company or recklessly disregarded by it:(1) Andrew A. Wiederhorn, the Company's Chairman and former CEO, had received improper payments from the Company, exposing Fat Brands to criminal liability; and(2) as a result, the Company's statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.On May 10, 2024, according to the Complaint, the truth began to emerge when the United States Attorney's Office for the Central District of California issued a press release entitled \"Former CEO and Controlling Shareholder of Fat Brands Inc., Former CFO, and a Tax Advisor Indicted in Alleged Scheme to Conceal $47 million Paid to CEO in the Form of Shareholder Loans\" (the \"Announcement\").The Announcement stated that \"Andrew A. Wiederhorn, the former CEO and current controlling shareholder of [Fat Brands], has been indicted on ...