Fat Brands' stock cratered Tuesday morning after the company disclosed its CEO Andrew Wiederhorn is under investigation.
The government is seeking documents and materials related to Fat Brands' merger with Fog Cutter Capital Group in December 2020 and transactions between Wiederhorn and those entities, according to the filing. Fog Cutter Capital is the largest shareholder of Fat Brands, and Wiederhorn is its majority shareholder.
The company said in the filing that it isn't able to estimate the outcome or duration of the government investigations at this time.
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