Statement from FAT Brands Regarding SOX 402 Charges

Rhea-AI Summary

FAT Brands Inc. faces charges of violating SOX 402 for arranging loans to Andy Wiederhorn. The company denies the charges, stating they are unwarranted and unjust. Despite this, FAT Brands highlights its growth to 18 brands with $2.5 billion in global sales and 2,300 locations worldwide. The company remains focused on its operating plans and growth strategy.

Positive

• FAT Brands has experienced remarkable growth, expanding to 18 brands with $2.5 billion in global sales and 2,300 locations worldwide.

Negative

• FAT Brands faces charges of violating SOX 402 for arranging loans to Andy Wiederhorn, which could have legal and financial implications for the company.

LOS ANGELES, May 10, 2024 (GLOBE NEWSWIRE) -- Today Brian Hennigan of Hueston Hennigan LLP, Counsel for FAT Brands Inc., issued the following statement:

“Today FAT Brands was informed that it has been indicted on two violations of SOX 402 for arranging approximately $2.65 million in loans to Andy Wiederhorn.

These charges are unprecedented, unwarranted, unsubstantiated, and unjust. They are based on conduct that ended over three years ago and ignore the Company’s cooperation with the investigation. 

FAT Brands will take all necessary action to defend itself, while seeking a just resolution to these charges. Since becoming a public company, FAT Brands has grown to at a remarkable pace to encompass 18 brands with $2.5 billion in global sales and 2,300 locations worldwide, benefitting franchisees and investors alike. The Company will continue executing on its operating plans and growth strategy.”

About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual, casual and polished casual dining restaurant concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza^®, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Native Grill & Wings, Pretzelmaker, Elevation Burger, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit http://www.fatbrands.com.

MEDIA CONTACT:
Nathan Miller, Miller Ink
nathan@miller-ink.com
310-571-8264

FAQ

What charges is FAT Brands facing regarding SOX 402?

FAT Brands is facing charges of violating SOX 402 for arranging loans to Andy Wiederhorn.

How many brands does FAT Brands currently own?

FAT Brands currently owns 18 restaurant brands.

What is the global sales figure for FAT Brands?

FAT Brands has $2.5 billion in global sales.

How many locations does FAT Brands have worldwide?

FAT Brands has 2,300 locations worldwide.