NEW YORK, Sept. 6, 2012 /PRNewswire/ -- Harwood Feffer LLP ( www.hfesq.com ) is investigating potential claims against the board of directors of Ignite Restaurant Group, Inc. ("IRG" or the "Company") (NASDAQ: IRG), concerning whether the board has breached its fiduciary duties to shareholders.
IRG went public on May 11, 2012 when it sold 5,769,231 shares of common stock at $14.00 per share. By July 2012, the Company's stock was trading above $19.00 per share.
Then, on July 18, 2012, IRG announced that an internal assessment of lease accounting policies revealed that its financial statements, incorporated by reference in the IPO prospectus, for the years 2009 and 2011, and the first quarter of 2012, had to be restated. Following this news, IRG shares reached a low of $12.87 per share at close on August 1, 2012 and have not closed above $15.15 since.Current holders of IRG shares purchased at any time may have a claim against the board for breaches of fiduciary duties, gross mismanagement, and/or abuse of control. If you own IRG shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact: Robert I. Harwood, Esq. Matthew M. Houston, Esq. Benjamin Sachs-Michaels, Esq.Harwood Feffer LLP488 Madison Avenue New York, New York 10022Phone Numbers: (877) 935-7400 (212)935-7400Email: firstname.lastname@example.org Website: http://www.hfesq.com Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website ( http://www.hfesq.com) for more information about the firm. Attorney Advertising. © 2012 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP ( www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. SOURCE Harwood Feffer LLP