Monday, March 25, 2024

B. Riley Financial Gets Nasdaq Notification

Los Angeles-based B. Riley Financial, the provider of investment banking and other services which trades on the Nasdaq as RILY, said on Friday that it has received a "delinquency notification letter" from the Nasdaq. According to the company, the notice states that the company is "not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the delayed filing of the Company's Annual Report on Form 10-K for the year ended December 31, 2023". The company said the delay came as a result of a review of the company's transactions with Brian Kahn; the company claims it had "no involvement with, or knowledge of, any of the alleged misconduct concerning Brian Kahn and Prophecy Asset Management LP." Kahn is involved in a collapse of the hedge fund, and is reportedly being investigated by regulators as part of an investigation into securities fraud. The WSJ took a look into the situation at B. Riley in February.