Why Is Restaurant Operator Fat Brands Stock Tanking Today? - FAT Brands (NASDAQ:FAT)

Published on 10 May 2024 on Benzinga

Why Is Restaurant Operator Fat Brands Stock Tanking Today? - FAT Brands (NASDAQ:FAT)

The Justice Department has charged Fat Brands Inc FAT and its chair Andrew Wiederhorn, alleging a scheme to conceal $47 million in distributions he received in the form of shareholder loans from the IRS, FAT's minority shareholders, and the broader investing public.

Wiederhorn, the former CEO and current controlling shareholder of Fat Brands is expected to be arraigned this afternoon in U.S. District Court in downtown Los Angeles.

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