LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of BurgerFi International, Inc. f/k/a Opes Acquisition Corp. (“BurgerFi” or the “Company”) (NASDAQ: BFI) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On August 11, 2022, before market hours, BurgerFi released its second quarter 2022 financial results, reporting revenue of $45.3 million, missing consensus estimates by $2.28 million, and a net loss of $60.4 million, compared to a net income of $9 million the previous year. The Company attributed its poor results primarily to “goodwill impairment charges of $55.2 million in relation to BurgerFi and Anthony’s coupled with higher depreciation, amortization of intangibles, share-based compensation, interest expense resulting from the acquisition-related debt.”
On this news, BurgerFi’s stock price fell $0.10, or 3%, to close at $3.20 per share on August 11, 2022, thereby injuring investors.
Then, on November 16, 2022, before the market opened, BurgerFi released its third quarter 2022 financial results, once again missing consensus estimates for revenue by $0.84 million, disclosing that, for the BurgerFi brand, “same-store sales decreased 11% and 6% in corporate-owned and franchised locations, respectively.”
On this news, BurgerFi’s stock price fell $0.24, or 10.6%, to close at $2.03 per share on November 16, 2022, thereby injuring investors further.
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If you purchased BurgerFi securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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