FAT); The deadline for the main applicant is May 17, 2022
Whistleblowers: Anyone with non-public information regarding FAT is encouraged to help confidentially. At Berger Montague survey or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
According to the complaint, FAT and members of senior management, including its CEO Andrew Wiederhornfailed to disclose that the company and the Wiederhorn family had engaged in transactions without a legitimate corporate purpose, and that the company was subject to increased regulatory scrutiny, and indeed that the CEO and director of the company’s operations were under investigation regarding such transactions.
The lawsuit alleges that investors have begun to learn the truth about February 19, 2022when a report in the Los Angeles Times said that, according to an FBI investigation, CEO Wiederhorn “conceived and executed a fraudulent scheme” to avoid paying taxes and received “millions of dollars in fictitious loans” through his companies.
Subsequently, on February 22, 2022FAT revealed that in December 2021the US Department of Justice and the Securities and Exchange Commission had opened investigations into compensation, credit extensions and other payments received by CEO Wiederhorn or his family.
Shepherd Montaguewith offices at philadelphia cream, Minneapolis, washington d.c.and San Diegohas been a pioneer in securities class actions since its founding in 1970. Shepherd Montague has represented individual and institutional investors for over five decades and acts as lead counsel before courts across United States.
Andre Abramowitzsenior counsel
Michael Dell‘Angelo, executive shareholder
THE SOURCE Shepherd Montague