San Diego, CA -- (SBWIRE) -- 09/18/2012 -- An investigation on behalf of investors of Chanticleer Holdings Inc (NASDAQ:HOTR) shares over potential securities laws violations by Chanticleer Holdings Inc and certain of its directors and in connection with certain statements was announced.
Investors who purchased shares of Chanticleer Holdings Inc (NASDAQ:HOTR), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Chanticleer Holdings Inc (NASDAQ:HOTR) concerning whether a series of statements by Chanticleer Holdings Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Chanticleer Holdings Inc (NASDAQ:HOTR) reported that its annual Revenue rose from $0.60 million in 2009 to $1.46 million in 2011. However, its Net Loss increased from $0.81 million in 2009 to $1.1 million in 2011.
On September 10, 2012, Chanticleer Holdings Inc (NASDAQ:HOTR) announced that on September 7, 2012, its audit committee, upon recommendation of Chanticleer Holdings’ management determined that Chanticleer Holdings’ consolidated Financial Statements for its fiscal year ending December 31, 2011 and the interim unaudited financial statements for its fiscal quarters ending March 31, 2012 and June 30, 2012 could no longer be relied on.
Chanticleer Holdings said it determined that the audited financial statements of Kiarabrite (Pty) Ltd., Dimaflo (Pty) Ltd., Tundraspex (Pty) Ltd., Civisign (Pty) Ltd. and Dimalogix (Pty) Ltd. which are the South African management company and the four entities setup for the stores Chanticleer Holdings operates in South Africa, were not audited as the Company was led to believe. The CFO and Director of Chanticleer Holdings’ South Africa Operations has resigned effective immediately.
Shares of Chanticleer Holdings Inc (NASDAQ:HOTR) closed on September 12, 2012 at $3.64 per share.
Those who purchased shares of Chanticleer Holdings Inc (NASDAQ:HOTR) and currently hold those Chanticleer Holdings Inc shares, may have certain options and should contact the Shareholders Foundation.
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