A bankrupt B. Riley Financial Inc.-backed company is looking to enjoin a group of shareholders from pursuing claims against its chief executive officer, saying they will harm reorganization efforts.
A July suit filed by a group of stockholders in the Delaware Chancery Court against Franchise Group Inc. CEO Andrew Laurence, former CEO Brian Kahn, his investment firm, and B. Riley belongs to the company’s estate, according to FRG’s Nov. 27 filing in the US Bankruptcy Court for the District of Delaware.
Allowing the stockholders to pursue claims against Laurence essentially brings action against FRG, the complaint said. The stockholders’ suit ...
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