BUZZ-B Riley rises after filing long-overdue quarterly report
Shares of investment bank B Riley Financial RILY.O climb 15% to $4.55 in premarket trading
Co releases quarterly report for three months ended June 2024, after delaying it for months due to issues stemming from its ill-fated investment in retailer Franchise Group
Says will "return to a normal filing cadence in 2025"
RILY reports net loss of $14.35 per share for second quarter, compared with $1.55 per share profit year earlier
RILY and its CEO received additional subpoena from Securities and Exchange Commission in November related to Franchise and use of the bank's stock as collateral for CEO's personal loan
SEC had also sent subpoena to the bank and its top boss in July, primarily related to its dealings with Franchise's former CEO, Brian Kahn
(Reporting by Niket Nishant in Bengaluru)
((Niket.Nishant@thomsonreuters.com))
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