Ryan & Maniskas, LLP (
) announces that a class action lawsuit has been filed in United States District Court for the Southern District of Texas on behalf of all persons or entities that purchased the securities of Ignite Restaurant Group, Inc. (“Ignite” or the “Company”) (NASDAQ GS: IRG) in or traceable to the Company’s May 10, 2012 initial public offering (the “IPO”).
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at
The complaint alleges that Ignite violated the Securities Act of 1933 because the Company’s IPO documents contained false financial statements which improperly accounted for leases.
On July 18, 2012, Ignite announced that it will restate its previously issued financial statements for years 2009 through 2011 and for the first quarter of 2012 after an accounting review revealed non-cash related errors on certain leases. Ignite shares fell 20.51% on July 19, 2012 and continued to fall over the next two trading days.
If you are a member of the class, you may, no later than September 18, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.