B. Riley Jumps as Auditor Signs Off, Cites Material Issues
- Boutique investment bank files long-delayed audited report
- Auditors flag concerns over financial reporting controls
This article is for subscribers only.
B. Riley Financial Inc. soared as much as 61% after its auditors signed off on its annual report, while flagging concerns about weak internal controls.
The Los Angeles-based boutique investment bank’s audit cited multiple material weaknesses in the company’s reporting, and some of the previously reported data was revised, according to regulatory filings. Marcum LLP, which handled the audit, said the weaknesses in internal controls over financial reporting merited an “adverse opinion.”