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- Shares of B. Riley Financial (NASDAQ: RILY) on Fridays fell by almost 8% in extended trading, after the company said it was still working with its auditors to complete and file its overdue annual report.
- The company had filed a regulatory application on February 29 notification indicating that it would not be able to complete its annual report on time due to “delays experienced in the finalisation” of its budget.
- “The Company continues to work productively with its auditors in an effort to complete and file its annual report as soon as reasonably practicable,” B. Riley said in a regulatory filing on Friday.
- B. Riley (RILY) said in late February that an internal review by its board’s audit committee had determined that the boutique investment bank had acted fairly in its management buyout of Franchise Group.
- Subsequently, on February 29, the company cut its dividend by 50% and reported a wider loss in the fourth quarter of 2023.