The Shuman Law Firm announces that all purchasers of the common stock of Ignite Restaurant Group, Inc. (“Ignite” or the “Company”) (Nasdaq: IRG) pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company’s May 10, 2012 initial public offering (the “IPO”), have until September 18, 2012 to file a motion with the Court to be appointed as Lead Plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Southern District of Texas.
Ignite, together with its subsidiaries, owns and operates restaurants under the Joe’s Crab Shack and the Brick House Tavern+Tap brands. The Complaint alleges that the Registration Statement and Prospectus issued in connection with the Company’s IPO contained material errors, dating back to the Company’s inception, relating to the Company’s accounting treatment of leases.
On July 18, 2012 Ignite announced that following an internal assessment of its lease accounting policies, the Company has determined that it is necessary to correct non-cash related errors related to its accounting treatment of certain leases. On July 19, 2012, following the Company’s announcement, shares of Ignite declined more than 20%, on unusually heavy volume.
If you purchased Ignite common stock pursuant or traceable to the Company’s May 10, 2012 initial public offering, you may move the Court, no later than September 18, 2012 to serve as Lead Plaintiff; however, you must meet certain legal requirements. A Lead Plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.If you wish to discuss this action or have any questions concerning your legal rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at firstname.lastname@example.org or Mr. Glenn at email@example.com. The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.