10:48 AM EDT, 04/24/2024 (MT Newswires) -- (Updates with the conclusion of an investigation in the third paragraph, financial details in the fourth paragraph and the company's latest stock move in the fifth paragraph.)

B. Riley Financial ( RILY ) said Wednesday it has filed its annual report on Form 10-K for the fiscal year ended Dec. 31, after a prolonged delay.

The company said it identified material weaknesses in its internal controls over financial reports that expose it to additional risks, according to the filing.

An independent audit committee investigation confirmed that B. Riley and its executives had no involvement with any of the alleged misconduct concerning Brian Kahn or any of his affiliates, the company said. Kahn was a company client who had been linked to securities fraud.

B. Riley reported full-year 2023 results that reflected certain noncash adjustments to the preliminary results announced in February. The company's loss narrowed to $3.69 per diluted share from $5.95 a year earlier. Revenue for the year ended Dec. 31 rose to $1.64 billion from $1.08 billion a year earlier. Analysts' estimates weren't available.

Shares of the company soared 34% in recent trading.

Price: 30.66, Change: +8.94, Percent Change: +41.18