REUTERS/Brendan McDermid Acquire Licensing RightsNEW YORK, Nov 13 (Reuters) - Shares of financial services firm B. Riley (RILY.O) plummeted nearly 35% on Monday, extending losses for the fourth consecutive session, after it disclosed unrealized investment losses and S&P Global Ratings downgraded a key asset.
That markdown resulted in B. Riley reporting a net loss of $75.8 million in the third quarter, compared with a profit of $45.8 million a year earlier.
"We do not believe that the recent movement in our share price is warranted based on the fundamental strength and performance of our diversified platform," a B. Riley spokesperson said in a statement.
B. Riley has also been targeted by a short seller.
"Although B Riley attempted to address short seller concerns on their recent earnings call, the information they provided was limited," said Rick Meckler, partner at Cherry Lane Investments.
Persons:
Brendan McDermid, Riley, Brian Kahn, Kahn, John Hughes, Bryant Riley, Rick Meckler, Meckler, Chibuike Oguh, Medha Singh, Niket, Deepa Babington, Stephen Coates
Organizations:
New York Stock Exchange, REUTERS, Reuters Graphics, Group's, Bloomberg, Reuters, Wolfpack Research, Cherry Lane Investments, Thomson
Locations:
New York City, U.S, Los Angeles, New York