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Shake Shack’s Pre-IPO Investors Cashing Out

Shake Shack Inc. on Thursday announced plans to convert Class B shares into Class A shares, enabling some early investors like Leonard Green, its top holder, to exit about nine months after the burger chain’s public debut.

In a regulatory filing, the New York company said it would convert all of its roughly 21 million Class B shares into Class A shares. All holders of those shares have filed to sell them after the exchange.

Private-equity investor...