Business
FAT INVESTOR FINAL DEADLINE ALERT: Contact Hagens Berman by August 6, 2024 Deadline to Join Securities Class Action Against FAT Brands (FAT, FATBB, FATBP, FATBW)
San Francisco, California--(Newsfile Corp. - August 5, 2024) - Hagens Berman urges FAT Brands Inc...
About this update from Foremost Clean Energy Ltd.
[{"type":"text","content":"FAT INVESTOR FINAL DEADLINE ALERT: Contact Hagens Berman by August 6, 2024 Deadline to Join Securities Class Action Against FAT Brands (FAT, FATBB, FATBP, FATBW)San Francisco, California--(Newsfile Corp. - August 5, 2024) - Hagens Berman urges FAT Brands Inc. (NASDAQ: FAT) (NASDAQ: FATBB) (NASDAQ: FATBP) (NASDAQ: FATBW) investors who suffered substantial losses to take action now by submitting your losses here.Class Period: Mar. 24, 2022 - May 10, 2024Lead Plaintiff Deadline: Aug. 6, 2024Visit: www.hbsslaw.com/investor-fraud/fatContact the Firm Now: [email protected] Action Lawsuit Against FAT Brands Inc.:An investor class action lawsuit has been filed against FAT Brands Inc. (FAT, FATBB, FATBP, FATBW), alleging that the company made misleading statements and failed to disclose crucial information. The lawsuit centers around the actions of Andrew A. Wiederhorn, the current Chairman and former CEO of FAT Brands.Background:Historically, FAT Brands has assured investors of its cooperation with the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) in their investigations into the company's transactions with Wiederhorn, including matters related to compensation, credit extensions, and other benefits received by Wiederhorn and his family from the company. FAT Brands maintained that its financial statements were accurate and that its internal controls over financial reporting were adequate.The Indictment Allegations:However, on May 9, 2024, the DOJ escalated the situation by filing a grand jury criminal indictment against several key figures. The indictment specifically targets FAT Brands, Wiederhorn, tax advisor William J. Amon, and FAT CFO Rebecca D. Hershinger. According to the allegations, Wiederhorn orchestrated the extension, maintenance, and forgiveness of approximately $47 million in compensation to himself through what authorities describe as sham shareholder loans. Both Wiederhorn and Amon were allegedly aware that these transactions were, in fact, disguised compensation.Board Dynamics:In addition, the criminal indictment sheds light on the actions taken by FAT Brands' board members. After learning of the federal criminal investigation on December 1, 2021, some board members reportedly communicated with the government. Subsequently, on March 28, 2023, Wiederhorn made si...