LOS ANGELES–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24RICK&src=ctag” target=”_blank”gt;$RICKlt;/agt; lt;a href=”https://twitter.com/hashtag/CLASSACTION?src=hash” target=”_blank”gt;#CLASSACTIONlt;/agt;–Glancy
Prongay & Murray LLP (“GPM”) reminds investors of the upcoming July
22, 2019 deadline to file a lead plaintiff motion in the class
action filed on behalf of RCI Hospitality Holdings, Inc. (“RCI
Hospitality” or the “Company”) (NASDAQ: RICK)
investors who purchased securities between August 10, 2017 and
May 10, 2019, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to
participate.
If you wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire, at
310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected],
or visit our website at www.glancylaw.com.
On December 11, 2018, RCI Hospitality stated that it could not timely
file its annual report with the SEC due to “delays in completing the
audit of its financial statements for the year ended September 30, 2018.”
On this news, the Company’s share price fell $1.37, or approximately 6%,
to close at $22.33 per share on December 12, 2018, thereby injuring
investors.
Then, on May 10, 2019, RCI Hospitality stated that it could not timely
file its quarterly report with the SEC for the period ended March 31,
2019 due to pending investigations concerning negative articles
published in mid- and late 2018 about the company.
On this news, the Company’s share price fell $1.67, or over 7%, to close
at $20.48 per share on May 13, 2019, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the
Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts about
the Company’s business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: (1) that the Company engaged
in numerous transactions with the CEO, including lending him significant
sums of money; (2) that these practices were reasonably likely to lead
to regulatory scrutiny of the Company; (3) that, as a result of
investigations into the Company’s governance, the Company would be
unable to timely file its financial statements; and (4) that, as a
result of the foregoing, Defendants’ positive statements about the
Company’s business, operations, and prospects were materially false
and/or misleading and/or lacked a reasonable basis.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased or otherwise acquired RCI Hospitality securities during
the Class Period you may move the Court no later than July 22,
2019 to request appointment as lead plaintiff in this putative class
action lawsuit. To be a member of the class action you need not take any
action at this time; you may retain counsel of your choice or take no
action and remain an absent member of the class action. If you wish
to learn more about this class action, or if you have any questions
concerning this announcement or your rights or interests with respect to
the pending class action lawsuit, please contact Lesley Portnoy,
Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected],
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
[email protected]
www.glancylaw.com
