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BFI.US
id: 657, Created by Stan Vick Chase, Scout
Join BurgerFi (BFI) M&A Misleading Case to Fight Investment Losses
How it works?
- We find Attorney for the Case
- Attorney files case on behalf of Investors
- You get updates and receive payout in case of success
Would it cost me anything?
- No, you do not pay anything out of your pocket neither to us, nor to Attorney
- Attorneys get % fee in case of success
- Platform charges service fee from Attorneys
What are the chances for success?
Every Case is unique, but statistically, 47% of Cases end up with a settlement.
Please see below recent successful cases:
How it works?
- We find Attorney for the Case
- Attorney files case on behalf of Investors
- You get updates and receive payout in case of success
Would it cost me anything?
- No, you do not pay anything out of your pocket neither to us, nor to Attorney
- Attorneys get % fee in case of success
- Platform charges service fee from Attorneys
What are the chances for success?
Every Case is unique, but statistically, 47% of Cases end up with a settlement.
Please see below recent successful cases:
- BurgerFi missed estimates for Q2 and Q3 2022 revenue.
- $BFI price fell 10.57%, injuring investors.
- Investors suspect BurgerFi & its Leaders of misleading about the prospects of Anthony’s Acquisition.
On November 16, 2022, BurgerFi (BFI) reported Q3 revenue of $43.3 million, missing consensus estimates by $0.84 million, explaining that “for the BurgerFi brand, same-store sales decreased 11% and 6% in corporate-owned and franchised locations, respectively”.
On this news, the $BFI price fell 10.57%, injuring investors.
Going back to November 4, 2021, BurgerFi completed its acquisition of Anthony’s Coal Fired Pizza & Wings for $156.6 million. Ophir Sternberg, Executive Chairman of the Company, touted Anthony’s Acquisition as “a significant step forward in BurgerFi’s ongoing growth strategy and transition into a premium multi-brand platform.”
Later, on August 11, 2022, BurgerFi reported Q2 revenue of $45.3 million, missing consensus estimates by $2.28 million. The Company also disclosed that “net loss in the second quarter was $60.4 million compared to a net income of $9.0 million in the year-ago quarter” which “was primarily the result of goodwill impairment charges of $55.2 million in relation to BurgerFi and Anthony’s coupled with higher depreciation, amortization of intangibles, share-based compensation, interest expense resulting from the acquisition-related debt”. On this news, the $BFI price fell 3.03%.
Taking all representations and consequent results into account, Investors have reasons to suspect BurgerFi and its Leaders of misleading and financial misrepresentations in connection to Anthony’s Acquisition.
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
16 November 2022
Case number
23-CV-60657
Filing date
06 April 2023
Class period Start
17 December 2020
Class period End
15 November 2022
Lead Plaintiff Deadline
05 June 2023
Court
Southern District of Florida