The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of Florida on behalf of those who acquired BurgerFi International, Inc. f/k/a Opes Acquisition Corp. (“BurgerFi” or the “Company”) (NASDAQ: BFI) securities during the period from December 17, 2020 through November 15, 2022 (the “Class Period”). Investors have until June 5, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
BurgerFi owns and operates a chain of restaurants in the United States.
On August 11, 2022, BurgerFi issued a press release announcing the Company’s Q2 2022 results. The press release reported Q2 revenue of $45.3 million, missing consensus estimates by $2.28 million. On this news, the price of BurgerFi shares declined by $0.10 per share, or approximately 3.03%, from $3.30 per share to close at $3.20 on August 11, 2022.
On November 16, 2022, during pre-market hours, BurgerFi issued a press release announcing the Company’s Q3 2022 results, which stated in relevant part: “For the BurgerFi brand, same-store sales decreased 11% and 6% in corporate-owned and franchised locations, respectively. For the Anthony’s brand, same-store sales for the third quarter increased 3% over the prior year period.” On this news, the price of BurgerFi shares declined by $0.24 per share, or approximately 10.57%, from $2.27 per share to close at $2.03 on November 16, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) the Company had overstated the effectiveness of its acquisition and growth strategies; and (ii) the Company had misrepresented to investors the purported benefits of the Company’s acquisition of the Anthony’s brand and its post-business combination business and financial prospects.
If you purchased or otherwise acquired BurgerFi securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
