B. Riley Struggles to Value Its Assets as SEC Steps Up Scrutiny
- Misses financial filing deadline for third straight quarter
- SEC inquiry looks at whether investors got accurate picture
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B. Riley Financial Inc., the embattled investment firm, is struggling to value its assets after months of concern about flawed accounting and a federal investigation culminated in a 52% one-day plunge.
The investment firm late Monday said it couldn’t file its quarterly report with regulators on time, promising only that it would file “as promptly as practical.” The delay, it said, was due to problems in valuing its loans and investments — similar to a weakness auditors identified in April in the company’s annual report.