FAT Brands Announces Proposed Settlement of Stockholder Derivative Lawsuits

Core Viewpoint - FAT Brands has reached a settlement to resolve two stockholder derivative lawsuits without admitting liability, while implementing corporate governance changes and receiving financial compensation [1][2][3] Group 1: Lawsuit Details - The derivative lawsuits were filed in June 2021 and March 2022, related to a merger and recapitalization [1] - The lawsuits involved claims against current and former directors and officers of the Company [1] Group 2: Settlement Terms - The settlement includes a $10 million payment from the Company's insurers, with plaintiffs' counsel fees deducted [2] - Fog Cutter Holdings LLC will contribute 200,000 shares of Twin Hospitality Group Inc. to the Company as part of the settlement [2] - The settlement is subject to court approval and non-objection by the United States [3] Group 3: Company Overview - FAT Brands is a global franchising company that owns 18 restaurant brands and operates over 2,300 units worldwide [4] - The Company focuses on fast casual, quick-service, casual dining, and polished casual dining concepts [4]