- Riley Financial, Inc. (NASDAQ: RILY) is witnessing a significant surge in its stock performance amidst current market session, with an impressive 39.43% rise to $30.28. This uptick in RILY stock on the US stock charts is driven by the submission of its much-awaited financial report to the regulatory body.
- Riley Financial (RILY) has formally declared the submission of its Annual Report on Form 10-K for the fiscal year concluded on December 31, 2023. Expressing gratitude to various stakeholders for their enduring trust, backing, and forbearance during the finalization of its Annual Report, B. Riley Financial acknowledged that its overall business performance has remained robust since the conclusion of the fiscal year.
In the realm of small and mid-cap valuations, there exists considerable attractiveness, prompting the company to intensify its efforts in bolstering its position as a frontrunner in furnishing financial services and capital solutions to this underserved sector.
Since the close of the fiscal year, B. Riley Financial has welcomed seasoned talent, explored promising new ventures, liquidated several others, retired $115 million of its outstanding bonds, and alleviated additional indebtedness by approximately $55 million. The ongoing strategic evaluation of Great American Group is proceeding as planned.
Furthermore, as delineated in the Company's 2023 Annual Report, the Audit Committee of the Company's Board of Directors enlisted Winston & Strawn LLP as independent counsel to aid in conducting an inquiry into the historical relationship between the Company (and its affiliates) and Brian Kahn (and his affiliates), alongside certain associated allegations raised against the Company by specific short sellers.
The outcomes of the independent inquiry affirmed that B. Riley Financial and its executives were not implicated in, nor had knowledge of, any of the purported misconduct involving Mr. Kahn or any of his affiliates. This independent inquiry was conducted subsequent to the Company's disclosure on February 22, 2024, regarding the internal review conducted with the assistance of Sullivan & Cromwell LLP as external counsel.