Plaintiff alleges that in May 2023, B. Riley entered into an agreement to assist Kahn, CEO of Franchise Group, Inc., in leading a management buyout of FRG. The $2.8 billion deal to take FRG private was completed on August 21, 2023. The transaction was partially financed by Nomura Holdings Inc. via B. Riley, who secured the financing allowing Kahn and other senior management of FRG to acquire the remaining 64% stake that they did not already own.