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FAT Brands (FAT) – Company Receives Wells Notice

Consumer
0 min read


Wednesday, February 21, 2024

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Wells Notice. In an 8-K filed yesterday, FAT Brands reported that the Company, Chairman Andrew Wiederhorn, and one current and one former officer of the Company each received a Wells Notice from the staff of the SEC. The notice is related to the previously disclosed SEC investigation of the Company. The Company continues to cooperate with the SEC and maintains its actions were appropriate, and intends to pursue the Wells Notice process, including submitting a formal response to the SEC.

What Is a Wells Notice? According to the Cornell Law School Legal Information Institute, “A ‘Wells Notice’ is a letter sent by a securities regulator to a prospective respondent, notifying him of the substance of charges that the regulator intends to bring against the respondent, and affording the respondent with the opportunity to submit a written statement to the ultimate decision maker.”


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