B. Riley Financial Hires BDO USA for 2025 Audit
Rhea-AI Summary
B. Riley Financial (NASDAQ: RILY) has appointed BDO USA as its independent registered public accounting firm for the 2025 audit. The company will continue working with Marcum LLP to complete its 2024 annual audit and Form 10-K filing. The transition aims to restore timely financial reporting.
The company's financial team has made progress on Q1 and Q2 2025 Form 10-Qs while the 2024 audit continues. BDO, one of the world's top five accounting firms, brings extensive financial services sector experience and operational scale, with over 12,000 professionals across 75 U.S. offices.
Positive
- Strategic appointment of BDO USA, a top-5 global accounting firm, demonstrates commitment to improving financial reporting
- Progress made on Q1 and Q2 2025 Form 10-Qs while 2024 audit continues
- Company reports significant business momentum
Negative
- Delayed financial reporting and outstanding 2024 Form 10-K indicate reporting challenges
- Change in auditors suggests potential complexities in financial reporting processes
News Market Reaction 9 Alerts
On the day this news was published, RILY gained 3.51%, reflecting a moderate positive market reaction. Argus tracked a peak move of +9.5% during that session. Our momentum scanner triggered 9 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $6M to the company's valuation, bringing the market cap to $180M at that time.
Data tracked by StockTitan Argus on the day of publication.
"We are pleased to engage BDO for our 2025 annual audit and interim financial reporting. By appointing BDO and staging the 2025 review process while simultaneously working with Marcum to compete the 2024 audit, we put the Company on what we believe to be the surest path to returning to timely financial reporting. I appreciate the dedication of the audit firms and our team. We have significant momentum in the business. It's a critical corporate priority to regain timely financial reporting," said Bryant Riley, B. Riley Financial Chairman and Co-Chief Executive Officer.
"The Company's financial reporting team, with the support of a national accounting and advisory firm, has made substantial progress on the first and second quarter 2025 Form 10-Qs while the 2024 annual audit process has been on-going. We will continue to collaborate with Marcum on the completion of the 2024 audit and Form 10-K filing. BDO has deep experience in the financial services sector and the operational scale to drive our timely financial reporting goals," said Scott Yessner, B. Riley Financial Chief Financial Officer.
BDO, one of the world's top five accounting firms, provides assurance, tax, and advisory services globally with over 12,000 professionals across 75 U.S. offices.
About B. Riley Financial
B. Riley Financial (BRF) is a diversified financial services company that through its operating entities or affiliates deliver tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. BRF leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its subsidiaries and affiliated entities, BRF provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, and corporate restructuring services. BRF opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. BRF refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, please visit www.brileyfin.com. For more information, please visit www.brileyfin.com.
Forward-Looking Statements
Statements made in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of today's date. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's performance or achievements to be materially different from any expected future results, performance, or achievements. Forward-looking statements speak only as of the date they are made and the Company assumes no duty to update forward-looking statements, except as required by law. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, the risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's 2023 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and the Company undertakes no duty to update this information.
Contacts
Investors
ir@brileyfin.com
Media
press@briley.com
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SOURCE B. Riley Financial
FAQ
Why did B. Riley Financial (RILY) change its auditor to BDO USA for 2025?
Who will complete B. Riley Financial's 2024 audit?
When will B. Riley Financial (RILY) file its 2024 Form 10-K?
What progress has B. Riley Financial made on 2025 financial reporting?
How large is BDO USA's operations?
