BurgerFi Misled About ‘Pizza and Wings’ Acquisition, Suit Says

BurgerFi International Inc. overstated the success of its mergers strategy, resulting in a drop in stock price, an investor says in a class action alleging violations of federal securities laws.

Plaintiff John Walker says BurgerFi presented itself through press statements as a growing and successful company as it opened more stores and acquired Anthony’s Coal Fired Pizza & Wings, a chain in Florida. But in 2022, BurgerFi reported it had fallen behind revenue estimates, according to the complaint filed Thursday in the US District Court for the Southern District of California.

The company reported revenue of $45.3 million in August ...