Derivative Action against BurgerFi Dismissed
- Dismissal of lawsuits removes legal uncertainty
- No monetary obligation
- None.
Plaintiffs in Derivative Action Voluntarily Dismiss Case on Heels of Dismissal of Related Securities Class Action Lawsuit
FORT LAUDERDALE, Fla., Sept. 21, 2023 (GLOBE NEWSWIRE) -- BurgerFi International, Inc. (Nasdaq: BFI, BFIIW) (“BurgerFi” or the “Company”), owner of one of the nation’s leading fast-casual “better burger” dining concepts through the BurgerFi brand, and the high-quality, casual dining pizza and wings concept under the name Anthony’s Coal Fired Pizza & Wings (“Anthony’s”) brand, announces that a derivative action filed August 30, 2023 by two BurgerFi shareholders purportedly on behalf of the Company against certain of its current and former directors and officers has been voluntarily dismissed.
On September 20, 2023, United States District Court Judge Rodney Smith for the Southern District of Florida issued an order dismissing without prejudice the derivative action in the case of Samhita Gera and Denish Bhavsar v. Ophir Sternberg, et al., Case No. 023-cv-61678, and closed the case.
The dismissal of this derivative lawsuit follows the recent dismissal of a related securities class action lawsuit, John Walker v. BurgerFi International, Inc. et al., Case No. 023-cv-60657, which BurgerFi announced on September 7, 2023.
Both cases were dismissed in the preliminary stages without the company agreeing to any monetary or non-monetary settlement to the plaintiffs or their counsel. BurgerFi is not aware of any related lawsuits pending against it or any of its executives.
Management Commentary
"I am pleased to announce the dismissal of the derivative lawsuit so soon after the dismissal of the securities class action. Both cases have now been closed and the company is not subject to any monetary obligation. We will continue to focus on our core mission of delivering value to our stakeholders." - CEO Carl Bachmann.
About BurgerFi International (Nasdaq: BFI, BFIIW)
BurgerFi International, Inc. is a leading multi-brand restaurant company that develops, markets, and acquires fast-casual and premium-casual dining restaurant concepts around the world, including corporate-owned stores and franchises. BurgerFi International is the owner and franchisor of the two following brands with a combined 174 locations.
BurgerFi. BurgerFi is among the nation’s fast-casual better burger concepts with 114 BurgerFi restaurants (87 franchised and 27 corporate-owned) as of July 3, 2023. BurgerFi is chef-founded and committed to serving fresh, all-natural and quality food at all locations, online and via first-party and third-party deliveries. BurgerFi uses
Anthony’s. Anthony’s was acquired by BurgerFi on November 3, 2021 and is a premium pizza and wing brand that operates 60 corporate-owned casual restaurant locations, as of July 3, 2023. Known for serving fresh, never frozen and quality ingredients, Anthony’s is centered around a 900-degree coal-fired oven with menu offerings including “well-done” pizza, coal-fired chicken wings, homemade meatballs, and a variety of handcrafted sandwiches and salads. Anthony’s was named “The Best Pizza Chain in America” by USA Today's Great American Bites and “Top 3 Best Major Pizza Chain” by Mashed in 2021. To learn more about Anthony’s, please visit www.acfp.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year ended January 2, 2023, and those discussed in other documents we file with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to BurgerFi or persons acting on BurgerFi’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
Investor Relations:
ICR
Michelle Michalski
IR-BFI@icrinc.com
646-277-1224
Company Contact:
BurgerFi International Inc.
IR@burgerfi.com
Media Relations Contact:
Ink Link Marketing Kim Miller
Kmiller@inklinkmarketing.com
Source: BurgerFi International
