12:40 PM EDT, 05/10/2024 (MT Newswires) -- FAT Brands ( FAT ) shares fell 23% in recent Friday trading after lawyers representing the company said the restaurant operator was indicted on two violations of the Sarbanes-Oxley Act for arranging $2.65 million in loans to former Chief Executive Officer Andrew Wiederhorn.

"FAT Brands ( FAT ) will take all necessary action to defend itself, while seeking a just resolution to these charges," Brian Hennigan of Hueston Hennigan said Friday in a statement.

Price: 5.85, Change: -1.73, Percent Change: -22.86