BurgerFi International, Inc. f/k/a Opes Aquisition Corp.
Lead Plaintiff Deadline 06/05/2023
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.