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.
If you own Chanticleer shares and have any questions concerning your
rights or interests with respect to the Company or its Hooters
operations, please contact The Law Offices of Nicholas Koluncich III,
LLC. The initial attorney consultation is free of charge and any future
legal expenses would be advanced by our firm. All information shall be
treated as attorney client privileged and confidential. Although the
outcome of litigation is never assured, as a Chanticleer / HOTR
shareholder, you may be eligible for some form of financial recovery.
The Law Offices of Nicholas Koluncich III, LLC
6501 Americas
Parkway NE
One Park Square – Suite 820
Albuquerque, NM 87110
(505)
881-2228
FAX (505) 881-4288
nkoluncich@newmexicoclassactions.com
The Law Offices of Nicholas Koluncich III, LLC has been representing
individual and institutional investors for over a decade, serving as
counsel in numerous securities and derivative litigations in U.S.
Federal and state courts.
Copyright Business Wire 2013