NEW YORK, Aug. 21, 2012 /PRNewswire/ -- Bernstein Liebhard LLP today announced that four weeks remain – until September 18, 2012 – to file a motion for lead plaintiff in a class action that was commenced several weeks ago in the United States District Court for the Southern District of Texas on behalf of a class (the "Class") of those who purchased Ignite Restaurant Group, Inc. ("Ignite" or the "Company") (IRG) stock in connection with the Company's May 10, 2012 initial public offering (the "IPO").
The complaint alleges that Ignite, as well as several Company officers and IPO underwriters, violated the Securities Act of 1933 because the Company's IPO documents contained false financial statements that improperly accounted for leases.On July 18, 2012, Ignite announced that it will restate its previously issued financial statements for the 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. Plaintiffs seek to recover damages on behalf of all Class members who purchased or otherwise acquired Ignite stock in connection with the IPO. If you purchased or otherwise acquired Ignite stock in connection with the IPO, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than September 18, 2012. 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 Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
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