BurgerFi International, Inc. (NASDAQ: BFI)

This lawsuit is for anyone who acquired securities in BurgerFi International, Inc. f/k/a Opes Acquisition Corp. (NASDAQ: BFI) from December 17, 2020 through November 15, 2022.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by overstating the benefits of its acquisition of Anthony’s Coal Fired Pizza & Wings.

On August 11, 2022, before market hours, BurgerFi released its second quarter 2022 financial results, reporting revenue of $45.3 million, missing consensus estimates by $2.28 million, and a net loss of $60.4 million, compared to a net income of $9 million the previous year. The Company attributed its poor results primarily to “goodwill impairment charges of $55.2 million in relation to BurgerFi and Anthony’s coupled with higher depreciation, amortization of intangibles, share-based compensation, interest expense resulting from the acquisition-related debt.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on November 16, 2022, before the market opened, BurgerFi released its third quarter 2022 financial results, once again missing consensus estimates for revenue by $0.84 million, disclosing that, for the BurgerFi brand, “same-store sales decreased 11% and 6% in corporate-owned and franchised locations, respectively.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in BurgerFi International, Inc. f/k/a Opes Acquisition Corp. (NASDAQ: BFI) from December 17, 2020 through November 15, 2022 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.