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The Law Offices Of Nicholas Koluncich III, LLC Announces Investigation Of Chanticleer (HOTR) – Seeking Former Employees And Current Shareholders

The Law Offices of Nicholas Koluncich III, LLC is investigating possible breaches of fiduciary duty by certain officers and directors of Chanticleer Holding, Inc. (NASDAQ: HOTR) (“Chanticleer” or “Hooters” or “Company”) and requests that stockholders please contact us immediately. Although the outcome of litigation is never assured, as a Chanticleer / HOTR shareholder, you may be eligible for some form of financial recovery. According to its public filings made with the United States Securities and Exchange Commission, Chanticleer, in addition to other operations, has a majority ownership of several “Hooters” restaurants in South Africa and one in Hungary. In conjunction with its 2012 IPO, the Company filed an Amended Registration Statement and Final Prospectus in 2012, representing that the company’s Fiscal Year 2011 financial statements had been audited. Shortly after the offering commenced, Chanticleer disclosed that the financial statements for 2011 and the first quarter of 2012 could no longer be relied upon because the statements for the South Africa operations had not, in fact, been audited. Chanticleer subsequently restated financial results for FY 2011 and Q1 of 2012. These events precipitated multiple adverse Company events:

  • HOTR suffered an immediate decline in share price of approximately 50% to $1.66 per share;
  • A shareholder class action was filed in the Southern District of Florida alleging that the Company’s registration statement and prospectus was false and misleading. This court case is still pending and shareholders may still have their voices heard by contacting us;
  • The Company announced that its South African subsidiaries have not filed certain corporate income taxes for some years; and
  • The Company announced that it had been served a subpoena from the Securities and Exchange Commission seeking information regarding its South African Hooters entities’ accounting.

If, as a shareholder, you wish to participate in a possible lawsuit concerning these time sensitive matters or to discreetly and confidentially discuss them with an attorney at no cost to you, you are encouraged to swiftly contact us at the contact information below. We particularly encourage current stockholders, former employees and any other persons having knowledge about the Company to confidentially contact us.

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