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{{short description| American financial services company}}
{{short description|American financial services company}}
{{Use mdy dates|date=December 2023}}
{{Infobox company
{{Infobox company
| name = B. Riley Financial, Inc.
| name = B. Riley Financial, Inc.
Line 6: Line 7:
| image_caption = Headquarters at Westwood Gateway in [[Los Angeles]]
| image_caption = Headquarters at Westwood Gateway in [[Los Angeles]]
| type = [[Public company|Public]]
| type = [[Public company|Public]]
| traded_as = {{ubl|{{NASDAQ|RILY}}|[[S&P 600]] component}}
| traded_as = {{ubl|{{NASDAQ|RILY}}}}
| foundation = {{Start date and age|1997}}
| foundation = {{Start date and age|1997}}
| founders = {{ubl|Bryant Riley|Tom Kelleher}}
| founders = {{ubl|Bryant Riley|Tom Kelleher}}
| hq_location = Westwood Gateway
| hq_location = Westwood Gateway
| hq_location_city = [[Los Angeles]], [[California]]
| hq_location_city = [[Los Angeles]], [[California]]
| hq_location_country = [[U.S.]]
| hq_location_country = U.S.
| key_people = {{ubl|Bryant Riley (Co-CEO)|Tom Kelleher (Co-CEO)}}
| key_people = {{ubl|Bryant Riley (co-[[Chief executive officer|CEO]])|Tom Kelleher (co-CEO)}}
| industry = [[Financial services]]
| industry = [[Financial services]]
| revenue = {{nowrap|{{decrease}} {{US$|1.08 billion|link=yes}} (FY 2022)}}
| revenue = {{nowrap|{{increase}} {{US$|1.64 billion|link=yes}} (2023)}}
| operating_income = {{nowrap|{{decrease}} US$69.45 million (FY 2022)}}
| operating_income = {{nowrap|{{increase}} US$145 million (2023)}}
| net_income = {{nowrap|{{decrease}} US$-156.59 million (FY 2022)}}
| net_income = {{nowrap|{{increasenegative}} US$−106 million (2023)}}
| assets = {{nowrap|{{increase}} US$6.11 billion (FY 2022)}}
| assets = {{nowrap|{{decrease}} US$6.07 billion (2023)}}
| equity = {{nowrap|{{decrease}} US$505.89 million (FY 2022)}}
| equity = {{nowrap|{{decrease}} US$291 million (2023)}}
| products = {{ubl|[[Investment banking]]|[[Investment management]]|[[Wealth management]]}}
| products = {{ubl|[[Investment banking]]|[[Broker-dealer|Securities brokerage]]|[[Investment management]]|[[Wealth management]]}}
| num_employees = 2,210 (FY 2022)
| num_employees = 2,383 (2023)
| subsid = {{ubl|[[FBR Capital Markets|B. Riley FBR]]}}
| subsid = {{ubl|[[FBR Capital Markets|B. Riley FBR]]}}
| homepage = {{URL|brileyfin.com}}
| homepage = {{URL|brileyfin.com}}
| footnotes = <ref name="10-K">{{cite web |title=2023 10-K report |url=https://app.quotemedia.com/data/downloadFiling?webmasterId=101533&ref=117340326&type=HTML&symbol=RILY&companyName=B.+Riley+Financial+Inc.&formType=10-K&dateFiled=2023-03-16&CK=1464790 |website=app.quotemedia.com}}</ref>
| footnotes = <ref name="10-K">{{cite web |title=2023 Annual Report (Form 10-K) |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1464790/000162828024017512/rily-20231231.htm |date=April 24, 2024 |publisher=U.S. Securities and Exchange Commission}}</ref>
}}
}}


'''B. Riley Financial''' (referred to as '''B. Riley''') is an American financial services company headquartered in [[Los Angeles]], [[California]]. The company is known for its [[investment banking]] services regarding [[Small cap company|small cap companies]] as well as [[retail]] [[liquidation]] services.<ref name=":4">{{Cite web |last= |date=2005-03-06 |title=Small Caps Boost B. Riley's Growth |url=https://labusinessjournal.com/news/small-caps-boost-b-rileys-growth/ |access-date=2023-07-27 |website=Los Angeles Business Journal |language=en-US}}</ref><ref name=":5">{{Cite web |last=Darmiento |first=Laurence |date=2020-04-06 |title=Retail thought it was facing the apocalypse. Then came the coronavirus |url=https://www.latimes.com/business/story/2020-04-06/retail-apocalypse-coronavirus |access-date=2023-07-27 |website=Los Angeles Times |language=en-US}}</ref> It has also acquired several organizations and companies in recent years.
'''B. Riley Financial, Inc.''' (referred to as '''B. Riley''') is an American financial services company headquartered in [[Los Angeles]], [[California]]. The company is known for its [[investment banking]] services regarding [[Small cap company|small cap companies]] as well as [[retail]] [[liquidation]] services.<ref name=":4">{{Cite web |last= |date=March 6, 2005 |title=Small Caps Boost B. Riley's Growth |url=https://labusinessjournal.com/news/small-caps-boost-b-rileys-growth/ |access-date=July 27, 2023 |website=Los Angeles Business Journal |language=en-US}}</ref><ref name=":5">{{Cite web |last=Darmiento |first=Laurence |date=April 6, 2020 |title=Retail thought it was facing the apocalypse. Then came the coronavirus |url=https://www.latimes.com/business/story/2020-04-06/retail-apocalypse-coronavirus |access-date=July 27, 2023 |website=Los Angeles Times |language=en-US}}</ref> It has also acquired several organizations and companies in recent years.


==Background==
==History==
⚫
In 1997, Bryant Riley founded B. Riley & Co. as a stock-picking firm serving [[Institutional investor|institutional investors]] by providing research on small companies. The firm was fined $5,000 that year by the [[U.S. Securities and Exchange Commission]] for lax record-keeping.<ref name=":4" /><ref name=":0">{{Cite news |date=2012-12-17 |title=B. Riley Acquires Caris to Add Research as Other Brokers Close |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2012-12-17/b-riley-acquires-caris-to-add-research-as-other-brokers-close |access-date=2023-07-27}}</ref>


=== Establishment and acquisitions ===
Initially Riley did not want the firm being involved in investment banking due to [[conflict of interest]] issues. However in July 2003, the firm acquired Friend & Co., a [[boutique investment bank]] where Riley once worked.<ref name=":4" /><ref>{{Cite web |last=Reckard |first=E. Scott |date=2003-07-31 |title=Brokerage B. Riley to Acquire Boutique Bank |url=https://www.latimes.com/archives/la-xpm-2003-jul-31-fi-briley31-story.html |access-date=2023-07-27 |website=Los Angeles Times |language=en-US}}</ref>
⚫
In 1997, Bryant Riley founded B. Riley & Co. as a stock-picking firm serving [[institutional investor]]s by providing research on small companies. The firm was fined $5,000 that year by the [[U.S. Securities and Exchange Commission]] (SEC) for lax record-keeping.<ref name=":4" /><ref name=":0">{{Cite news |date=December 17, 2012 |title=B. Riley Acquires Caris to Add Research as Other Brokers Close |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2012-12-17/b-riley-acquires-caris-to-add-research-as-other-brokers-close |access-date=July 27, 2023}}</ref>


In 2012, B. Riley acquired Caris & Co., a stock research firm to increase its sales and trading business in the brokerage industry during a slowdown in the industry.<ref name=":0" /><ref name=":6">{{Cite web |last=Russel |first=Joel |date=2014-05-20 |title=Great American to Merge With Investment Bank |url=https://www.sfvbj.com/uncategorized/great-american-merge-investment-bank/ |access-date=2023-07-27 |website=San Fernando Valley Business Journal |language=en-US}}</ref>
Initially Riley did not want the firm being involved in investment banking due to [[conflict of interest]] issues. However, in July 2003, the firm acquired Friend & Co., a [[boutique investment bank]] where Riley once worked.<ref name=":4" /><ref>{{Cite web |last=Reckard |first=E. Scott |date=July 31, 2003 |title=Brokerage B. Riley to Acquire Boutique Bank |url=https://www.latimes.com/archives/la-xpm-2003-jul-31-fi-briley31-story.html |access-date=July 27, 2023 |website=Los Angeles Times |language=en-US}}</ref>


In 2012, B. Riley acquired Caris & Co., a stock research firm to increase its sales and trading business in the brokerage industry during a slowdown in the industry.<ref name=":0" /><ref name=":6">{{Cite web |last=Russel |first=Joel |date=May 20, 2014 |title=Great American to Merge With Investment Bank |url=https://www.sfvbj.com/uncategorized/great-american-merge-investment-bank/ |access-date=July 27, 2023 |website=San Fernando Valley Business Journal |language=en-US}}</ref>
⚫
In June 2014, B. Riley & Co. merged with appraisal and liquidation service provider, Great American Group to form B. Riley Financial, a company list on the [[OTC Bulletin Board]] under the ticker "RILY".<ref name=":5" /><ref name=":6" /><ref name=":1" />


⚫
In June 2014, B. Riley & Co. merged with appraisal and liquidation service provider, Great American Group to form B. Riley Financial, a company listed on the [[OTC Bulletin Board]] under the ticker "RILY".<ref name=":5" /><ref name=":6" /><ref name=":1" />
In July 2015, B. Riley was approved to be uplisted to the [[Nasdaq]] exchange.<ref>{{Cite web |last= |first= |date=July 14, 2015 |title=B. Riley Financial Approved for Listing on the Nasdaq Capital Market |url=https://www.prnewswire.com/news-releases/b-riley-financial-approved-for-listing-on-the-nasdaq-capital-market-300112758.html |access-date=2023-07-27 |website=www.prnewswire.com |language=en}}</ref><ref>{{Cite web |last=McCann |first=Brian |date=2016-10-20 |title=B Riley Financial: A Unique Collection Of Assets (NASDAQ:RILY) {{!}} Seeking Alpha |url=https://seekingalpha.com/article/4013615-b-riley-financial-unique-collection-of-assets |access-date=2023-07-27 |website=seekingalpha.com |language=en}}</ref>


In February 2017, B. Riley investment banking company, [[FBR Capital Markets|FBR & Co.]] in a $160 million deal to further scale its existing business.<ref>{{Cite news |last=Jamerson |first=Joshua |date=2017-02-21 |title=B. Riley Financial to Buy FBR, Beefing Up Brokerage Business |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/b-riley-financial-to-buy-fbr-beefing-up-brokerage-business-1487684741 |access-date=2023-07-27 |issn=0099-9660}}</ref><ref name=":1">{{Cite web |last=Rizzo |first=Lillian |title=B. Riley Acquires Restructuring Adviser GlassRatner |url=https://www.wsj.com/articles/b-riley-acquires-restructuring-adviser-glassratner-1533128400 |access-date=2023-07-27 |website=WSJ |language=en-US}}</ref>
In July 2015, B. Riley was approved to be uplisted to the [[Nasdaq]] exchange.<ref>{{Cite web |last= |first= |date=July 14, 2015 |title=B. Riley Financial Approved for Listing on the Nasdaq Capital Market |url=https://www.prnewswire.com/news-releases/b-riley-financial-approved-for-listing-on-the-nasdaq-capital-market-300112758.html |access-date=July 27, 2023 |website=www.prnewswire.com |language=en}}</ref><ref>{{Cite web |last=McCann |first=Brian |date=October 20, 2016 |title=B Riley Financial: A Unique Collection Of Assets (NASDAQ:RILY) {{!}} Seeking Alpha |url=https://seekingalpha.com/article/4013615-b-riley-financial-unique-collection-of-assets |access-date=July 27, 2023 |website=seekingalpha.com |language=en}}</ref>


In May 2017, B. Riley acquired brokerage company, Wunderlich Securities for $67 million to expand its [[wealth management]] business.<ref name=":1" /><ref name=":2">{{Cite web |last=Langford |first=James |date=2017-05-18 |title=B. riley expands in ipo market with $160 million fbr takeover |url=https://www.thestreet.com/markets/mergers-and-acquisitions/b-riley-adds-wunderlich-to-gain-small-cap-market-edge-14142053 |access-date=2023-07-27 |website=TheStreet |language=en-us}}</ref><ref>{{Cite web |title=Wunderlich Securities Acquired by LA Firm in $67M Deal |url=https://www.memphisdailynews.com/news/2017/may/19/wunderlich-securities-acquired-by-la-firm-in-67m-deal/ |access-date=2023-07-27 |website=Memphis Daily News}}</ref><ref name=":3">{{Cite web |last=Martin |first=Jake |date=January 6, 2022 |title=B. Riley Seeks to Hold Wunderlich Founder Liable in $11M Settlement |url=https://www.advisorhub.com/b-riley-seeks-to-hold-wunderlich-founder-liable-in-11m-settlement/ |website=AdvisorHub}}</ref>
In February 2017, B. Riley acquired [[FBR Capital Markets|FBR & Co.]] in a $160&nbsp;million deal to further scale its existing business.<ref>{{Cite news |last=Jamerson |first=Joshua |date=February 21, 2017 |title=B. Riley Financial to Buy FBR, Beefing Up Brokerage Business |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/b-riley-financial-to-buy-fbr-beefing-up-brokerage-business-1487684741 |access-date=July 27, 2023 |issn=0099-9660}}</ref><ref name=":1">{{Cite web |last=Rizzo |first=Lillian |title=B. Riley Acquires Restructuring Adviser GlassRatner |url=https://www.wsj.com/articles/b-riley-acquires-restructuring-adviser-glassratner-1533128400 |access-date=July 27, 2023 |website=WSJ |language=en-US}}</ref>


In May 2017, B. Riley acquired brokerage company, Wunderlich Securities for $67&nbsp;million to expand its [[wealth management]] business.<ref name=":1" /><ref name=":2">{{Cite web |last=Langford |first=James |date=May 18, 2017 |title=B. riley expands in ipo market with $160 million fbr takeover |url=https://www.thestreet.com/markets/mergers-and-acquisitions/b-riley-adds-wunderlich-to-gain-small-cap-market-edge-14142053 |access-date=July 27, 2023 |website=TheStreet |language=en-us}}</ref><ref>{{Cite web |title=Wunderlich Securities Acquired by LA Firm in $67M Deal |url=https://www.memphisdailynews.com/news/2017/may/19/wunderlich-securities-acquired-by-la-firm-in-67m-deal/ |access-date=July 27, 2023 |website=Memphis Daily News}}</ref><ref name=":3">{{Cite web |last=Martin |first=Jake |date=January 6, 2022 |title=B. Riley Seeks to Hold Wunderlich Founder Liable in $11M Settlement |url=https://www.advisorhub.com/b-riley-seeks-to-hold-wunderlich-founder-liable-in-11m-settlement/ |website=AdvisorHub}}</ref>
⚫
In August 2018, B. Riley acquired GlassRatner Advisory & Capital Group, a [[restructuring]] advisory firm to expand its advisory presence.<ref name=":1" /><ref name=":2" />


⚫
In August 2018, B. Riley acquired GlassRatner Advisory & Capital Group, a [[restructuring]] advisory firm to expand its advisory presence.<ref name=":1" /><ref name=":2" />
⚫
In November 2018, B. Riley acquired 49% stake of [[broker-dealer]] National Holdings Corp from [[Fortress Biotech]] for $22.9 million. In January 2021, B. Riley acquired the rest of National Holdings Corp. In July 2022, National Holdings Corp's largest subsidiary, National Securities closed down after 75 years with its business being integrated into B. Riley. This came after National Securities was penalized by [[Financial Industry Regulatory Authority]] (FINRA).<ref>{{Cite web |last=Kelly |first=Bruce |date=2018-11-19 |title=Fortress Biotech selling its majority stake in National Holdings |url=https://www.investmentnews.com/fortress-biotech-selling-its-majority-stake-in-national-holdings-77042 |access-date=2023-07-27 |website=InvestmentNews |language=en-US}}</ref><ref>{{Cite web |last=Kelly |first=Bruce |date=2022-07-29 |title=National Securities shuts down after 75 years, reps rolled into B. Riley |url=https://www.investmentnews.com/national-securities-shuts-down-after-75-years-reps-rolled-into-b-riley-224733 |access-date=2023-07-27 |website=InvestmentNews |language=en-US}}</ref>


⚫
In November 2018, B. Riley acquired 49% stake of [[broker-dealer]] National Holdings Corp from [[Fortress Biotech]] for $22.9&nbsp;million. In January 2021, B. Riley acquired the rest of National Holdings Corp. In July 2022, National Holdings Corp's largest subsidiary, National Securities closed down after 75 years with its business being integrated into B. Riley. This came after National Securities was penalized by [[Financial Industry Regulatory Authority]] (FINRA).<ref>{{Cite web |last=Kelly |first=Bruce |date=November 19, 2018 |title=Fortress Biotech selling its majority stake in National Holdings |url=https://www.investmentnews.com/fortress-biotech-selling-its-majority-stake-in-national-holdings-77042 |access-date=July 27, 2023 |website=InvestmentNews |language=en-US}}</ref><ref>{{Cite web |last=Kelly |first=Bruce |date=July 29, 2022 |title=National Securities shuts down after 75 years, reps rolled into B. Riley |url=https://www.investmentnews.com/national-securities-shuts-down-after-75-years-reps-rolled-into-b-riley-224733 |access-date=July 27, 2023 |website=InvestmentNews |language=en-US}}</ref><ref>{{Cite web |last=Carlsen |first=Courtney |date=July 12, 2021 |title=Insiders Can't Stop Buying This Value Stock |url=https://www.fool.com/investing/2021/07/12/insiders-cant-stop-buying-this-value-stock/ |access-date=August 2, 2023 |website=The Motley Fool |language=en}}</ref>
⚫
In April 2020, it was reported that B. Riley was benefitting from the [[retail apocalypse]] especially in 2020 due to the [[COVID-19 pandemic]]. As many [[brick-and-mortar]] [[retail]] stores closed, this gave B. Riley a lot of opportunities to provide liquation services.<ref name=":5" />


⚫
In April 2020, it was reported that B. Riley was benefitting from the [[retail apocalypse]] especially in 2020 due to the [[COVID-19 pandemic]]. As many [[brick-and-mortar]] [[retail]] stores closed, this gave B. Riley a lot of opportunities to provide liquation services.<ref name=":5" />
In June 2020, B. Riley acquired Alderney Advisors, a restructuring firm that specializes in the [[automotive industry]].<ref>{{Cite web |last=Turner |first=Grace |date=2020-06-24 |title=California's B. Riley Financial Acquires Southfield's Alderney Advisors |url=https://www.dbusiness.com/daily-news/californias-b-riley-financial-acquires-southfields-alderney-advisors/ |access-date=2023-07-27 |website=DBusiness Magazine |language=en-US}}</ref>


On April 12, 2021, B. Riley became a constituent member of the [[S&P 600]] index.<ref>{{Cite web |last=Berkowitz |first=Bram |date=2021-04-13 |title=Why Shares of B. Riley Financial Are Surging Today |url=https://www.fool.com/investing/2021/04/13/why-shares-of-b-riley-financial-are-surging-today/ |access-date=2023-07-27 |website=The Motley Fool |language=en}}</ref>
In June 2020, B. Riley acquired Alderney Advisors, a restructuring firm that specializes in the [[automotive industry]].<ref>{{Cite web |last=Turner |first=Grace |date=June 24, 2020 |title=California's B. Riley Financial Acquires Southfield's Alderney Advisors |url=https://www.dbusiness.com/daily-news/californias-b-riley-financial-acquires-southfields-alderney-advisors/ |access-date=July 27, 2023 |website=DBusiness Magazine |language=en-US}}</ref>


In August 2021, B. Riley acquired investment firm 272 Capital.<ref>{{Cite web |last1=Innovates |first1=Dallas |last2=Seeley |first2=David |date=2021-08-06 |title=Dallas Founder Wes Cummins Sells 272 Capital to B. Riley Financial, Secures Energy Source for His Crypto Hosting Business |url=https://dallasinnovates.com/wes-cummins-sells-272-capital-to-b-riley-financial-as-his-applied-blockchain-business-secures-power-source-for-crypto-hosting/ |access-date=2023-07-27 |website=Dallas Innovates |language=en-US}}</ref>
On April 12, 2021, B. Riley became a constituent member of the [[S&P 600]] index.<ref>{{Cite web |last=Berkowitz |first=Bram |date=April 13, 2021 |title=Why Shares of B. Riley Financial Are Surging Today |url=https://www.fool.com/investing/2021/04/13/why-shares-of-b-riley-financial-are-surging-today/ |access-date=July 27, 2023 |website=The Motley Fool |language=en}}</ref>


In January 2022, B. Riley acquired middle market [[Mergers and acquisitions|M&A]] advisor FocalPoint for $175 million.<ref>{{Cite web |last=Hall |first=Gina |date=2022-01-24 |title=B. Riley Acquires FocalPoint Securities for $175 Million |url=https://labusinessjournal.com/finance/b-riley-acquires-focalpoint-securities-175-million/ |access-date=2023-07-27 |website=Los Angeles Business Journal |language=en-US}}</ref>
In August 2021, B. Riley acquired investment firm 272 Capital.<ref>{{Cite web |last1=Innovates |first1=Dallas |last2=Seeley |first2=David |date=August 6, 2021 |title=Dallas Founder Wes Cummins Sells 272 Capital to B. Riley Financial, Secures Energy Source for His Crypto Hosting Business |url=https://dallasinnovates.com/wes-cummins-sells-272-capital-to-b-riley-financial-as-his-applied-blockchain-business-secures-power-source-for-crypto-hosting/ |access-date=July 27, 2023 |website=Dallas Innovates |language=en-US}}</ref>


In January 2022, B. Riley acquired middle market [[Mergers and acquisitions|M&A]] advisor FocalPoint for $175&nbsp;million.<ref>{{Cite web |last=Hall |first=Gina |date=January 24, 2022 |title=B. Riley Acquires FocalPoint Securities for $175 Million |url=https://labusinessjournal.com/finance/b-riley-acquires-focalpoint-securities-175-million/ |access-date=July 27, 2023 |website=Los Angeles Business Journal |language=en-US}}</ref>
⚫
==Portfolio companies==
⚫
In May 2016, B. Riley acquired [[United Online]] for $170 million.<ref>{{Cite news |last=Beckerman |first=Josh |date=2016-05-05 |title=United Online, Owner of NetZero, Agrees to $170 Million Sale |language=en-US |work=Wall Street Journal |url=http://www.wsj.com/articles/united-online-owner-of-netzero-agrees-to-170-million-sale-1462417977 |access-date=2023-07-27 |issn=0099-9660}}</ref>


=== 2023 to present (Stock decline) ===
⚫
In November 2017, B. Riley outbid Carnegie Technologies to acquire [[MagicJack]] for $143 million.<ref>{{Cite web |last=Orol |first=Ronald |date=2017-11-09 |title=B. Riley agrees to buy free-call provider MagicJack in blow to activist Carnegie |url=https://www.thestreet.com/markets/mergers-and-acquisitions/b-riley-buys-magicjack-14384993 |access-date=2023-07-27 |website=TheStreet |language=en-us}}</ref>
On February 8, 2023, [[Dan David (money manager)|Wolfpack Research]] announced it held a [[Short (finance)|short position]] in B. Riley. It released a report that criticized the company stating during the [[everything bubble]] period of 2020 to 2021, B. Riley had [[overleverage]]d to buy speculative assets and lent money to companies that have a high likelihood of defaulting. Examples included [[Exela Technologies]] which owed B. Riley $75&nbsp;million and had failed to complete interest payments on another loan on January 17, B Riley Principal 250 Merger Corp, a [[special-purpose acquisition company]] that would result in a $175&nbsp;million loss if it failed to find a target by May 11 and [[Babcock & Wilcox|Babcock and Wilcox]] which owed B. Riley $110&nbsp;million but was believed by Wolfpack Research to be heading toward bankruptcy. In addition, Wolfpack Research stated that 40% of operating companies in B. Riley's portfolio per its [[Form 13F]] had [[going concern]] issues. Following the report, B.&nbsp;Riley's stock declined by 11%.<ref>{{Cite news |date=February 8, 2023 |title=B Riley shares plunge after short seller Wolfpack Research takes aim |language=en |work=Reuters |url=https://www.reuters.com/article/wolfpack-research-b-riley-idUSKBN2UI1GI |access-date=August 2, 2023}}</ref><ref>{{Cite web |last=Pan |first=Eddie |date=February 8, 2023 |title=Wolfpack Research Short Report Sends B. Riley (RILY) Stock Down 12% |url=https://investorplace.com/2023/02/wolfpack-research-short-report-sends-b-riley-rily-stock-down-12/ |access-date=August 2, 2023 |website=InvestorPlace |language=en-US}}</ref><ref name=":8">{{Cite web |date=2024-01-12 |title=How B Riley Garnered the Biggest Short Interest of 2023 |url=https://www.institutionalinvestor.com/article/2cpgaejc45gocvoqb1ngg/corner-office/how-b-riley-garnered-the-biggest-short-interest-of-2023 |access-date=2024-01-13 |website=Institutional Investor |language=en}}</ref>


In May 2023, it was noted that B. Riley paid a [[dividend]] yield of nearly 11% which was much higher than its peers. It was speculated that the big reason for the increase was due to the sell-off of its stock. This was due to the slowdown in investment banking business as well as unrealized losses from investments. There was skepticism on whether paying such high dividends yields was sustainable. The stock had declined by almost 60% since the start of 2022 and the company's revenue in 2022 had declined by $474&nbsp;million compared to the previous year.<ref>{{Cite web |last=Carlsen |first=Courtney |date=May 24, 2023 |title=Why Is B. Riley Financial's Dividend So High? |url=https://www.fool.com/investing/2023/05/24/why-is-b-riley-financials-dividend-so-high/ |access-date=August 2, 2023 |website=The Motley Fool |language=en}}</ref><ref name=":7">{{Cite web |last=Issa |first=Bashar |date=May 3, 2023 |title=B. Riley Financial: Sustainability Of Dividend And Interest Yields (NASDAQ:RILY) {{!}} Seeking Alpha |url=https://seekingalpha.com/article/4599608-b-riley-financial-sustainability-of-dividend-and-interest-yields |access-date=August 2, 2023 |website=seekingalpha.com |language=en}}</ref>
⚫
In November 2019, B. Riley launched a fashion brand portfolio by investing $116.5 million to acquire majority ownership of six fashion brands. These included [[Catherine Malandrino]], [[Joan Vass]], [[Limited Too]] and [[Nanette Lepore]].<ref>{{Cite web |date=2019-11-01 |title=Financial firm B. Riley launches fashion brand portfolio |url=https://fashionunited.uk/news/business/financial-firm-b-riley-launches-fashion-brand-portfolio/2019110146015 |access-date=2023-07-27 |website=FashionUnited |language=en}}</ref>


On November 13, 2023, shares of B. Riley dropped 35% after it disclosed unrealized investment losses and the fact [[S&P Global Ratings]] downgraded [[Franchise Group]] to junk status, a firm which it acquired in May 2023 as part of an investor consortium for $2.6&nbsp;billion. B. Riley had lent its founder Brian Kahn $200 million and Kahn was identified as one of two co-conspirators in a securities fraud case related to John Hughes and Prophecy Asset Management. <ref name=":8" /><ref>{{Cite news |last=Oguh |first=Chibuike |date=November 15, 2023 |title=B. Riley shares plummet after investment losses, ratings downgrade on Franchise Group |language=en |work=Reuters |url=https://www.reuters.com/business/finance/b-riley-shares-plummet-after-taking-losses-franchise-group-deal-2023-11-13/ |access-date=November 26, 2023}}</ref> In January 2024, it was reported that the SEC was investigating B. Riley for its connection to the securities fraud case which lead to its stock price declining 10%. At this point B. Riley was one of the most shorted companies in the financial sector. <ref>{{Cite news |last=Griffin |first=Donal |date=2024-01-22 |title=SEC Probes B. Riley Deals With Client Tied to Failed Hedge Fund |url=https://www.bloomberg.com/news/articles/2024-01-22/sec-probes-b-riley-deals-with-client-tied-to-failed-hedge-fund |access-date=2024-02-03 |work=Bloomberg.com |language=en}}</ref><ref>{{Cite web |last=Celarier |first=Michelle |date=2024-01-12 |title=How B Riley Garnered the Biggest Short Interest of 2023 |url=https://www.institutionalinvestor.com/article/2cpgaejc45gocvoqb1ngg/corner-office/how-b-riley-garnered-the-biggest-short-interest-of-2023 |access-date=2024-02-03 |website=Institutional Investor |language=en}}</ref>
⚫
In May 2023, B. Riley acquired an [[equity interest]] in [[Scotch & Soda (clothing)|Scotch & Soda]].<ref>{{Cite web |title=Scotch & Soda's U.S. operations acquired with eye to expansion |url=https://chainstoreage.com/scotch-sodas-us-operations-acquired-eye-expansion |access-date=2023-07-27 |website=Chain Store Age |language=en}}</ref>

In March 2024, B. Riley posted a wider quarterly loss and halved its dividends. It also delayed filing its annual report, citing a review of transactions with Kahn. Its shares declined 15% after the announcement.<ref>{{Cite news |last=Li |first=Diana |date=2024-02-29 |title=B. Riley Posts Loss and Cuts Payout Amid Questions on Key Client's Role |url=https://www.bloomberg.com/news/articles/2024-02-29/b-riley-swings-to-a-loss-and-cuts-quaterly-dividend |access-date=2024-03-02 |work=Bloomberg.com |language=en}}</ref> On April 24, 2024, B. Riley filed its annual report after its auditor, Marcum LLP signed it off resulting in shares soaring 61%. In the report the audit cited multiple material weaknesses in the company’s reporting, and some of the previously reported data was revised. It also noted concerns about the fraud case involving Kahn but stated B. Riley had no ties to it after it redid an internal investigation with the help of [[Winston & Strawn]].<ref>{{Cite web |last=Gillespie |first=Todd |date=April 24, 2024 |title=B. Riley Jumps as Auditor Signs Off, Cites Material Issues |url=https://www.bloomberg.com/news/articles/2024-04-24/b-riley-soars-as-auditor-signs-off-still-cites-material-issues |access-date=2024-05-11 |website=www.bloomberg.com}}</ref>

==Business operations==

=== Business model ===
As of 2022, B. Riley has six operating segments: [[capital market]]s, wealth management, auction and liquidation, financial consulting, communications and brands. Capital markets is the largest segment by revenue followed by communications and wealth management.<ref name=":4" /><ref name=":5" /><ref name=":7" />

As of 2023, Riley is currently the largest shareholder and owns 23% of the company shares.<ref>{{Cite web |title=B. Riley Financial, Inc. : Shareholders Board Members Managers and Company Profile {{!}} US05580M1080 {{!}} MarketScreener |url=https://www.marketscreener.com/quote/stock/B-RILEY-FINANCIAL-INC-23041121/company/ |access-date=August 2, 2023 |website=www.marketscreener.com |language=en}}</ref>

⚫
=== Portfolio companies ===
⚫
In May 2016, B. Riley acquired [[United Online]] for $170&nbsp;million.<ref>{{Cite news |last=Beckerman |first=Josh |date=May 5, 2016 |title=United Online, Owner of NetZero, Agrees to $170 Million Sale |language=en-US |work=Wall Street Journal |url=http://www.wsj.com/articles/united-online-owner-of-netzero-agrees-to-170-million-sale-1462417977 |access-date=July 27, 2023 |issn=0099-9660}}</ref>

⚫
In November 2017, B. Riley outbid Carnegie Technologies to acquire [[MagicJack]] for $143&nbsp;million.<ref>{{Cite web |last=Orol |first=Ronald |date=November 9, 2017 |title=B. Riley agrees to buy free-call provider MagicJack in blow to activist Carnegie |url=https://www.thestreet.com/markets/mergers-and-acquisitions/b-riley-buys-magicjack-14384993 |access-date=July 27, 2023 |website=TheStreet |language=en-us}}</ref>

⚫
In November 2019, B. Riley launched a fashion brand portfolio by investing $116.5&nbsp;million to acquire majority ownership of six fashion brands. These included [[Catherine Malandrino]], [[Joan Vass]], [[Limited Too]] and [[Nanette Lepore]].<ref>{{Cite web |date=November 1, 2019 |title=Financial firm B. Riley launches fashion brand portfolio |url=https://fashionunited.uk/news/business/financial-firm-b-riley-launches-fashion-brand-portfolio/2019110146015 |access-date=July 27, 2023 |website=FashionUnited |language=en}}</ref>

⚫
In May 2023, B. Riley acquired an [[equity interest]] in [[Scotch & Soda (clothing)|Scotch & Soda]].<ref>{{Cite web |title=Scotch & Soda's U.S. operations acquired with eye to expansion |url=https://chainstoreage.com/scotch-sodas-us-operations-acquired-eye-expansion |access-date=July 27, 2023 |website=Chain Store Age |language=en}}</ref>


==Legal issues==
==Legal issues==


=== Gary Wunderlich ===
=== Gary Wunderlich ===
In January 2015, Wunderlich Securities acquired New York brokerage firm Dominick & Dickerman in a all-stock acquisition deal worth $8.3 million. Dominick and its former Chairman, Michael Campbell sued Wunderlich Securities and its former owner, Gary Wunderlich alleging fraud and misrepresentation by Wunderlich Securities regarding its financial condition when purchasing the firm. In April 2020, FINRA sided with Dominick and Campbell resulting in Wunderlich Securities being liable to pay nearly $11 million B. Riley had to pay the full amount to settle the dispute.<ref name=":3" />
In January 2015, Wunderlich Securities acquired New York brokerage firm [[Dominick & Dickerman]] in an all-stock acquisition deal worth $8.3&nbsp;million. Dominick and its former chairman, Michael Campbell sued Wunderlich Securities and its former owner, Gary Wunderlich alleging fraud and misrepresentation by Wunderlich Securities regarding its financial condition when purchasing the firm. In April 2020, FINRA sided with Dominick and Campbell resulting in Wunderlich Securities being liable to pay nearly $11&nbsp;million B. Riley had to pay the full amount to settle the dispute.<ref name=":3" />


In June 2020, Wunderlich sued B. Riley to confirm his [[Indemnity|indemnification]] in the matter and reimbursement for his legal fees in the arbitration.<ref name=":3" /> In June 2023, B. Riley rejected this claim.<ref>{{Cite web |title=B. Riley Rejects Wunderlich Indemnification Claim In Chancery - Law360 |url=https://www.law360.com/articles/1684241/b-riley-rejects-wunderlich-indemnification-claim-in-chancery |access-date=2023-07-27 |website=www.law360.com |language=en}}</ref>
In June 2020, Wunderlich sued B. Riley to confirm his [[Indemnity|indemnification]] in the matter and reimbursement for his legal fees in the arbitration.<ref name=":3" /> In June 2023, B. Riley rejected this claim.<ref>{{Cite web |title=B. Riley Rejects Wunderlich Indemnification Claim In Chancery - Law360 |url=https://www.law360.com/articles/1684241/b-riley-rejects-wunderlich-indemnification-claim-in-chancery |access-date=July 27, 2023 |website=www.law360.com |language=en}}</ref>


In January 2022, B. Riley sued Wunderlich, alleging he unlawfully skirted his liability in April 2020. Wunderlich's lawyer stated B. Riley had agreed to indemnify his client as part of the 2017 purchase.<ref name=":3" />
In January 2022, B. Riley sued Wunderlich, alleging he unlawfully skirted his liability in April 2020. Wunderlich's lawyer stated B. Riley had agreed to indemnify his client as part of the 2017 purchase.<ref name=":3" />
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{{Investment banks}}
{{Investment banks}}
{{authority control}}
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[[Category:1997 establishments in California]]
[[Category:1997 establishments in California]]
[[Category:American companies established in 1997]]
[[Category:American companies established in 1997]]

Revision as of 15:42, 24 September 2024

B. Riley Financial, Inc.
Company typePublic
IndustryFinancial services
Founded1997; 27 years ago (1997)
Founders
  • Bryant Riley
  • Tom Kelleher
HeadquartersWestwood Gateway,
Los Angeles, California
,
U.S.
Key people
  • Bryant Riley (co-CEO)
  • Tom Kelleher (co-CEO)
Products
RevenueIncrease US$1.64 billion (2023)
Increase US$145 million (2023)
Negative increase US$−106 million (2023)
Total assetsDecrease US$6.07 billion (2023)
Total equityDecrease US$291 million (2023)
Number of employees
2,383 (2023)
Subsidiaries
Websitebrileyfin.com
Footnotes / references
[1]

B. Riley Financial, Inc. (referred to as B. Riley) is an American financial services company headquartered in Los Angeles, California. The company is known for its investment banking services regarding small cap companies as well as retail liquidation services.[2][3] It has also acquired several organizations and companies in recent years.

History

Establishment and acquisitions

In 1997, Bryant Riley founded B. Riley & Co. as a stock-picking firm serving institutional investors by providing research on small companies. The firm was fined $5,000 that year by the U.S. Securities and Exchange Commission (SEC) for lax record-keeping.[2][4]

Initially Riley did not want the firm being involved in investment banking due to conflict of interest issues. However, in July 2003, the firm acquired Friend & Co., a boutique investment bank where Riley once worked.[2][5]

In 2012, B. Riley acquired Caris & Co., a stock research firm to increase its sales and trading business in the brokerage industry during a slowdown in the industry.[4][6]

In June 2014, B. Riley & Co. merged with appraisal and liquidation service provider, Great American Group to form B. Riley Financial, a company listed on the OTC Bulletin Board under the ticker "RILY".[3][6][7]

In July 2015, B. Riley was approved to be uplisted to the Nasdaq exchange.[8][9]

In February 2017, B. Riley acquired FBR & Co. in a $160 million deal to further scale its existing business.[10][7]

In May 2017, B. Riley acquired brokerage company, Wunderlich Securities for $67 million to expand its wealth management business.[7][11][12][13]

In August 2018, B. Riley acquired GlassRatner Advisory & Capital Group, a restructuring advisory firm to expand its advisory presence.[7][11]

In November 2018, B. Riley acquired 49% stake of broker-dealer National Holdings Corp from Fortress Biotech for $22.9 million. In January 2021, B. Riley acquired the rest of National Holdings Corp. In July 2022, National Holdings Corp's largest subsidiary, National Securities closed down after 75 years with its business being integrated into B. Riley. This came after National Securities was penalized by Financial Industry Regulatory Authority (FINRA).[14][15][16]

In April 2020, it was reported that B. Riley was benefitting from the retail apocalypse especially in 2020 due to the COVID-19 pandemic. As many brick-and-mortar retail stores closed, this gave B. Riley a lot of opportunities to provide liquation services.[3]

In June 2020, B. Riley acquired Alderney Advisors, a restructuring firm that specializes in the automotive industry.[17]

On April 12, 2021, B. Riley became a constituent member of the S&P 600 index.[18]

In August 2021, B. Riley acquired investment firm 272 Capital.[19]

In January 2022, B. Riley acquired middle market M&A advisor FocalPoint for $175 million.[20]

2023 to present (Stock decline)

On February 8, 2023, Wolfpack Research announced it held a short position in B. Riley. It released a report that criticized the company stating during the everything bubble period of 2020 to 2021, B. Riley had overleveraged to buy speculative assets and lent money to companies that have a high likelihood of defaulting. Examples included Exela Technologies which owed B. Riley $75 million and had failed to complete interest payments on another loan on January 17, B Riley Principal 250 Merger Corp, a special-purpose acquisition company that would result in a $175 million loss if it failed to find a target by May 11 and Babcock and Wilcox which owed B. Riley $110 million but was believed by Wolfpack Research to be heading toward bankruptcy. In addition, Wolfpack Research stated that 40% of operating companies in B. Riley's portfolio per its Form 13F had going concern issues. Following the report, B. Riley's stock declined by 11%.[21][22][23]

In May 2023, it was noted that B. Riley paid a dividend yield of nearly 11% which was much higher than its peers. It was speculated that the big reason for the increase was due to the sell-off of its stock. This was due to the slowdown in investment banking business as well as unrealized losses from investments. There was skepticism on whether paying such high dividends yields was sustainable. The stock had declined by almost 60% since the start of 2022 and the company's revenue in 2022 had declined by $474 million compared to the previous year.[24][25]

On November 13, 2023, shares of B. Riley dropped 35% after it disclosed unrealized investment losses and the fact S&P Global Ratings downgraded Franchise Group to junk status, a firm which it acquired in May 2023 as part of an investor consortium for $2.6 billion. B. Riley had lent its founder Brian Kahn $200 million and Kahn was identified as one of two co-conspirators in a securities fraud case related to John Hughes and Prophecy Asset Management. [23][26] In January 2024, it was reported that the SEC was investigating B. Riley for its connection to the securities fraud case which lead to its stock price declining 10%. At this point B. Riley was one of the most shorted companies in the financial sector. [27][28]

In March 2024, B. Riley posted a wider quarterly loss and halved its dividends. It also delayed filing its annual report, citing a review of transactions with Kahn. Its shares declined 15% after the announcement.[29] On April 24, 2024, B. Riley filed its annual report after its auditor, Marcum LLP signed it off resulting in shares soaring 61%. In the report the audit cited multiple material weaknesses in the company’s reporting, and some of the previously reported data was revised. It also noted concerns about the fraud case involving Kahn but stated B. Riley had no ties to it after it redid an internal investigation with the help of Winston & Strawn.[30]

Business operations

Business model

As of 2022, B. Riley has six operating segments: capital markets, wealth management, auction and liquidation, financial consulting, communications and brands. Capital markets is the largest segment by revenue followed by communications and wealth management.[2][3][25]

As of 2023, Riley is currently the largest shareholder and owns 23% of the company shares.[31]

Portfolio companies

In May 2016, B. Riley acquired United Online for $170 million.[32]

In November 2017, B. Riley outbid Carnegie Technologies to acquire MagicJack for $143 million.[33]

In November 2019, B. Riley launched a fashion brand portfolio by investing $116.5 million to acquire majority ownership of six fashion brands. These included Catherine Malandrino, Joan Vass, Limited Too and Nanette Lepore.[34]

In May 2023, B. Riley acquired an equity interest in Scotch & Soda.[35]

Gary Wunderlich

In January 2015, Wunderlich Securities acquired New York brokerage firm Dominick & Dickerman in an all-stock acquisition deal worth $8.3 million. Dominick and its former chairman, Michael Campbell sued Wunderlich Securities and its former owner, Gary Wunderlich alleging fraud and misrepresentation by Wunderlich Securities regarding its financial condition when purchasing the firm. In April 2020, FINRA sided with Dominick and Campbell resulting in Wunderlich Securities being liable to pay nearly $11 million B. Riley had to pay the full amount to settle the dispute.[13]

In June 2020, Wunderlich sued B. Riley to confirm his indemnification in the matter and reimbursement for his legal fees in the arbitration.[13] In June 2023, B. Riley rejected this claim.[36]

In January 2022, B. Riley sued Wunderlich, alleging he unlawfully skirted his liability in April 2020. Wunderlich's lawyer stated B. Riley had agreed to indemnify his client as part of the 2017 purchase.[13]

References

  1. ^ "2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. April 24, 2024.
  2. ^ a b c d "Small Caps Boost B. Riley's Growth". Los Angeles Business Journal. March 6, 2005. Retrieved July 27, 2023.
  3. ^ a b c d Darmiento, Laurence (April 6, 2020). "Retail thought it was facing the apocalypse. Then came the coronavirus". Los Angeles Times. Retrieved July 27, 2023.
  4. ^ a b "B. Riley Acquires Caris to Add Research as Other Brokers Close". Bloomberg.com. December 17, 2012. Retrieved July 27, 2023.
  5. ^ Reckard, E. Scott (July 31, 2003). "Brokerage B. Riley to Acquire Boutique Bank". Los Angeles Times. Retrieved July 27, 2023.
  6. ^ a b Russel, Joel (May 20, 2014). "Great American to Merge With Investment Bank". San Fernando Valley Business Journal. Retrieved July 27, 2023.
  7. ^ a b c d Rizzo, Lillian. "B. Riley Acquires Restructuring Adviser GlassRatner". WSJ. Retrieved July 27, 2023.
  8. ^ "B. Riley Financial Approved for Listing on the Nasdaq Capital Market". www.prnewswire.com. July 14, 2015. Retrieved July 27, 2023.
  9. ^ McCann, Brian (October 20, 2016). "B Riley Financial: A Unique Collection Of Assets (NASDAQ:RILY) | Seeking Alpha". seekingalpha.com. Retrieved July 27, 2023.
  10. ^ Jamerson, Joshua (February 21, 2017). "B. Riley Financial to Buy FBR, Beefing Up Brokerage Business". Wall Street Journal. ISSN 0099-9660. Retrieved July 27, 2023.
  11. ^ a b Langford, James (May 18, 2017). "B. riley expands in ipo market with $160 million fbr takeover". TheStreet. Retrieved July 27, 2023.
  12. ^ "Wunderlich Securities Acquired by LA Firm in $67M Deal". Memphis Daily News. Retrieved July 27, 2023.
  13. ^ a b c d Martin, Jake (January 6, 2022). "B. Riley Seeks to Hold Wunderlich Founder Liable in $11M Settlement". AdvisorHub.
  14. ^ Kelly, Bruce (November 19, 2018). "Fortress Biotech selling its majority stake in National Holdings". InvestmentNews. Retrieved July 27, 2023.
  15. ^ Kelly, Bruce (July 29, 2022). "National Securities shuts down after 75 years, reps rolled into B. Riley". InvestmentNews. Retrieved July 27, 2023.
  16. ^ Carlsen, Courtney (July 12, 2021). "Insiders Can't Stop Buying This Value Stock". The Motley Fool. Retrieved August 2, 2023.
  17. ^ Turner, Grace (June 24, 2020). "California's B. Riley Financial Acquires Southfield's Alderney Advisors". DBusiness Magazine. Retrieved July 27, 2023.
  18. ^ Berkowitz, Bram (April 13, 2021). "Why Shares of B. Riley Financial Are Surging Today". The Motley Fool. Retrieved July 27, 2023.
  19. ^ Innovates, Dallas; Seeley, David (August 6, 2021). "Dallas Founder Wes Cummins Sells 272 Capital to B. Riley Financial, Secures Energy Source for His Crypto Hosting Business". Dallas Innovates. Retrieved July 27, 2023.
  20. ^ Hall, Gina (January 24, 2022). "B. Riley Acquires FocalPoint Securities for $175 Million". Los Angeles Business Journal. Retrieved July 27, 2023.
  21. ^ "B Riley shares plunge after short seller Wolfpack Research takes aim". Reuters. February 8, 2023. Retrieved August 2, 2023.
  22. ^ Pan, Eddie (February 8, 2023). "Wolfpack Research Short Report Sends B. Riley (RILY) Stock Down 12%". InvestorPlace. Retrieved August 2, 2023.
  23. ^ a b "How B Riley Garnered the Biggest Short Interest of 2023". Institutional Investor. January 12, 2024. Retrieved January 13, 2024.
  24. ^ Carlsen, Courtney (May 24, 2023). "Why Is B. Riley Financial's Dividend So High?". The Motley Fool. Retrieved August 2, 2023.
  25. ^ a b Issa, Bashar (May 3, 2023). "B. Riley Financial: Sustainability Of Dividend And Interest Yields (NASDAQ:RILY) | Seeking Alpha". seekingalpha.com. Retrieved August 2, 2023.
  26. ^ Oguh, Chibuike (November 15, 2023). "B. Riley shares plummet after investment losses, ratings downgrade on Franchise Group". Reuters. Retrieved November 26, 2023.
  27. ^ Griffin, Donal (January 22, 2024). "SEC Probes B. Riley Deals With Client Tied to Failed Hedge Fund". Bloomberg.com. Retrieved February 3, 2024.
  28. ^ Celarier, Michelle (January 12, 2024). "How B Riley Garnered the Biggest Short Interest of 2023". Institutional Investor. Retrieved February 3, 2024.
  29. ^ Li, Diana (February 29, 2024). "B. Riley Posts Loss and Cuts Payout Amid Questions on Key Client's Role". Bloomberg.com. Retrieved March 2, 2024.
  30. ^ Gillespie, Todd (April 24, 2024). "B. Riley Jumps as Auditor Signs Off, Cites Material Issues". www.bloomberg.com. Retrieved May 11, 2024.
  31. ^ "B. Riley Financial, Inc. : Shareholders Board Members Managers and Company Profile | US05580M1080 | MarketScreener". www.marketscreener.com. Retrieved August 2, 2023.
  32. ^ Beckerman, Josh (May 5, 2016). "United Online, Owner of NetZero, Agrees to $170 Million Sale". Wall Street Journal. ISSN 0099-9660. Retrieved July 27, 2023.
  33. ^ Orol, Ronald (November 9, 2017). "B. Riley agrees to buy free-call provider MagicJack in blow to activist Carnegie". TheStreet. Retrieved July 27, 2023.
  34. ^ "Financial firm B. Riley launches fashion brand portfolio". FashionUnited. November 1, 2019. Retrieved July 27, 2023.
  35. ^ "Scotch & Soda's U.S. operations acquired with eye to expansion". Chain Store Age. Retrieved July 27, 2023.
  36. ^ "B. Riley Rejects Wunderlich Indemnification Claim In Chancery - Law360". www.law360.com. Retrieved July 27, 2023.
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