B. Riley Financial Is Plunging. Why Is RILY Stock Down 52% Today?

B. Riley Financial (NASDAQ:RILY) stock is taking a beating on Monday after the financial services company provided its latest preliminary earnings results to investors. These preliminary results include a net loss per share of $14 to $15 per share. This is due to its net loss for the quarter coming in between $435 million and $475 million. These losses come as the company expects an impairment charge of $330 million to $370 million from its investment in Freedom VCM. It's also expecting an impairment charge ...