The law firm of Wohl & Fruchter LLP announces that it has commenced an investigation into financial reporting errors at Ignite Restaurant Group, Inc. (Ignite) (NASDAQ: IRG).
On July 18, 2012, after the market closed, Ignite announced that it will need to restate its financial statements for years 2009 through 2011 and for the first quarter of 2012, due to errors related to its accounting treatment of certain leases.
On this news, Ignite shares declined over 20% to close at $15.15 per share on July 19, 2012, representing a loss of nearly $100 million in shareholder value.
Wohl & Fruchter’s investigation concerns whether officers and directors of Ignite violated federal securities laws in connection with improper accounting practices.Persons with relevant information, and Ignite shareholders with questions about this investigation, are invited to contact our Firm by calling 866.582.8140. Additional information is available on our website at: http://www.wohlfruchter.com/cases/irg. About Wohl & Fruchter Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners. This release may be deemed to constitute attorney advertising.