Fat Brands Inc., owner of restaurant chains Fatburger and Johnny Rockets, has reached a $10 million settlement resolving investors’ claims its board stood aside while its founder-CEO looted the business before trying to merge it with an investment vehicle.
The Delaware Chancery Court approved the deal after a hearing Wednesday, according to an order in the docket. The settlement also requires Andrew Wiederhorn and his investment firm, Fog Cutter Holdings Inc., to give up 200,000 shares of another fast food holding company, Twin Hospitality Group Inc.
- Fat Brands also agreed to implement stricter oversight of related-party transactions, training for ...
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