Claims of manipulation and baseless rumors attempt to damage business
- B. Riley Financial denies knowledge of alleged misconduct at Prophecy Asset Management
- Claims of manipulation of B. Riley’s stock price with baseless claims
- Internal review confirms no involvement or knowledge of misconduct
- No debt owed to Brian Kahn related to past Rent-A-Center litigation
- Rumors of wrongdoing by B. Riley to manipulate stock price
- 15% jump in shares in premarket trading
B. Riley Financial has denied any knowledge of or involvement in alleged misconduct at Prophecy Asset Management. The company stated that people have been trying to manipulate B. Riley’s stock price with baseless claims. An internal review conducted by outside counsel confirmed that B. Riley and its executives had no involvement with, or knowledge of, any of the alleged misconduct concerning Prophecy. B. Riley also clarified that it does not owe any debt to Brian Kahn related to the resolution of past Rent-A-Center litigation. The company expressed its frustration with the spreading of rumors and alleged wrongdoing, stating that these actions have far exceeded the acceptable limits of financial research and are an attempt to actively damage their business. B. Riley emphasized that these claims lack merit. As a result of this news, shares of B. Riley jumped 15% in premarket trading.
Factuality Level: 8
Factuality Justification: The article provides a straightforward account of B. Riley Financial denying any knowledge or involvement in alleged misconduct at Prophecy Asset Management. It includes statements from the company regarding the internal review conducted and addresses rumors and manipulation attempts related to the company’s stock price. The article does not contain irrelevant information, misleading details, sensationalism, or bias. Overall, it presents the information in a factual and objective manner.
Noise Level: 2
Noise Justification: The article provides a clear and concise report on B. Riley Financial denying any involvement in alleged misconduct at Prophecy Asset Management. It includes statements from the company addressing the accusations and clarifying their position. The article stays on topic and does not contain irrelevant information or filler content. It supports its claims with direct quotes from B. Riley Financial, providing evidence for their stance. Overall, the article is focused, informative, and free from noise.
Financial Relevance: Yes
Financial Markets Impacted: B. Riley Financial
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article pertains to B. Riley Financial and allegations of misconduct, which can impact the company’s reputation and stock price.
Public Companies: B. Riley Financial (Unknown), Franchise Group (Unknown)
Private Companies: Prophecy Asset Management
Key People: Brian Kahn (Former Chief Executive Officer of Franchise Group with ties to Prophecy), Bryant Riley (Executive at B. Riley Financial)
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