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Why B. Riley Financial Shares Are Plunging Today

TheMotleyFool

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Why B. Riley Financial Shares Are Plunging Today: https://g.foolcdn.com/editorial/images/786898/businessman-handshake-source-getty.jpg

Riley Financial (NASDAQ: RILY) said it expects to post a massive loss in its most recent quarter and suspended its dividend. The investment firm is also reportedly in the crosshairs of U.S. government investigators.

On Monday morning, shareholders stampeded for the exits. Shares of B. Riley traded down 46% as of 10:30 Eastern.

Riley prereleased second-quarter results, and the numbers are not pretty. The company said it expects to lose between $14 and $15 per share in the quarter due to a noncash charge related to its investment in Franchise Group. B. Riley also said it would suspend its dividend to focus on deleveraging and strengthening its balance sheet.

Source Fool.com

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