San Diego, CA -- (SBWIRE) -- 08/29/2012 -- A deadline is coming up on September 18, 2012 in the lawsuit filed for investors of Ignite Restaurant Group Inc (NASDAQ:IRG) over alleged securities laws violations in connection with certain financial statements made by Ignite Restaurant Group Inc.
Investors with a substantial investment in Ignite Restaurant Group Inc (NASDAQ:IRG) shares between May 10, 2012 and July 18, 2012, should get active before the Deadline that is coming up on September 18, 2012, and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Southern District of Texas the plaintiff alleges on behalf of investors, who purchased their NASDAQ:IRG shares in the IPO or between May 10, 2012 and July 18, 2012, that the defendants violated the Securities Act of 1933. Specifically, the plaintiff alleges that the IPO documents contained allegedly false financial statements because the Company improperly accounted for leases.
On July 18, 2012, after the market closed, Ignite Restaurant Group, Inc. (NASDAQ: IRG) announced that its expects to restate its previously issued financial statements for years 2009 through 2011 and for the first quarter of 2012. The company said that following an internal assessment of its lease accounting policies, it has determined it necessary to correct non-cash related errors related to its accounting treatment of certain leases.
Shares of Ignite Restaurant Group Inc (NASDAQ:IRG) dropped from $19.06 on July 18, 2012, to as low as $12.79 per share on August 1, 2012.
On August 28, 2012, NASDAQ:IRG shares closed at $14.93 per share.
Those who purchased shares of Ignite Restaurant Group Inc (NASDAQ:IRG) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego