FAT WALLETS? - Pomerantz LLP and Bronstein, Gewirtz & Grossman filed a securities class action Friday in California Central District Court against Fat Brands, franchisor of Johnny Rockets and other casual dining restaurants, and certain top executives. The complaint contends that the defendants have released annual reports since 2017 that neglect to disclose that certain Fat Brands executives have made financial transactions “for no legitimate corporate purpose.” Counsel have not yet appeared for the defendants. The case is 2:22-cv-02541, Chipman v. Fat Brands Inc. et al. S tay up on the latest deals and litigation with the new Law.com Radar.
WHILE YOU WERE SLEEPING
SEIZED WITH FEAR - Many Japanese corporations, like their counterparts around the world, have suspended operations in Russia since it invaded Ukraine in February. But, as Law.com International’s Brian Yap reports, some are still operating in the country as usual, fearful that their businesses will be seized and possibly nationalized by the Russian government if they close down or suspend operations there, lawyers in Japan say. Partners at Japan’s largest law firms have been fielding countless calls from corporate clients scrambling to understand the implications of a draft law that could prove costly. “Before Japanese companies decide to close their business in Russia, they must consider the risk of their assets being taken by the government,” said Makoto Ohnuma, a Tokyo-based partner at Nagashima Ohno & Tsunematsu who is advising clients that operate in Russia. “Even if Japanese companies want to continue their business in Russia, they could still face the risk of asset seizure if they suspend their operations.” Ohnuma added: “Some Japanese clients have asked our firm to provide a memo regarding how to close a business and liquidate a company, as well as making an assessment of the application of the bankruptcy law.”
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