San Diego, CA -- (SBWIRE) -- 08/20/2012 -- Certain directors and officers of Ignite Restaurant Group Inc are under the investigation over possible breaches of fiduciary duties in connection with financial statements.
Investors who purchased shares of Ignite Restaurant Group Inc (NASDAQ:IRG) and currently hold any of those NASDAQ:IRG shares, 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 for current long term investors in Ignite Restaurant Group Inc (NASDAQ:IRG) stocks follows a lawsuit filed earlier by shareholders against Ignite Restaurant Group Inc over alleged violations of Federal Securities Laws. The investigation on behalf of current long term investors in Ignite Restaurant Group Inc (NASDAQ:IRG) stocks concerns whether certain Ignite Restaurant Group officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of Texas the plaintiff alleges that 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 17, 2012, NASDAQ:IRG shares closed at $15.40 per share.
Those who purchased shares of Ignite Restaurant Group Inc (NASDAQ:IRG) and currently hold any of those NASDAQ:IRG shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego