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FAT.US
id: 456, Created by Stan Vick Chase, Scout
FAT Brands Inc
Settled
04 December 2017
Class period Start18 February 2022
Class period End28 January 2023
Claim deadlineIn re: FAT Brands Inc. Securities Litigation
FAT Brands Inc. (FAT) agreed to pay $3 million to settle a securities class action lawsuit to avoid further litigation.
Those who purchased FAT Brands Inc. publicly-traded securities from December 4, 2017, through February 18, 2022, both dates inclusive, could get a payment from a proposed class action settlement.
The Complaint alleged that the Company and its Leaders made false and/or misleading statements and/or failed to disclose that:
- the Company and certain executives engaged in transactions “for no legitimate corporate purpose”;
- the Company ignored warning signs relating to transactions with certain executives;
- the Company was likely to face increased scrutiny, investigations, and other potential issues;
- certain executives, who are touted as critical to the Company’s success, were at great risk of scrutiny—potentially, at least in part, due to the Company’s actions;
- the Company’s touted CEO and COO were under investigation regarding transactions with the Company.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Lead plaintiff
Robert J. Matthews, Michael Melendez
Attorney
Bronstein, Gewirtz & Grossman, LLC (New York, NY), Pomerantz LLP (New York, NY), The Rosen Law Firm, P.A. (Los Angeles, CA)
Court
Central District of California
Judge
Hon. Mark C. Scarsi
Administrator
Strategic Claims Services
Court hearing date
28 February 2023
+$3,000,000
Total Settlement Amount