STEVENSON, Md., May 8, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Middle District of Tennessee on behalf of purchasers of Ruby Tuesday, Inc. ("Ruby Tuesday" or the "Company") (NYSE:RT) common stock during the period between April 11, 2013 and October 9, 2013, inclusive (the "Class Period").
If you have suffered a loss from investment in Ruby Tuesday common stock purchased on or after April 11, 2013 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or financial obligation, click here: http://www.browerpiven.com/securitiesfraudcases.html.
You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Attorneys at Brower Piven together have more than a century of experience litigating securities and other class action cases.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 7, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that changes made to the menu at the Ruby Tuesday chain intended to increase sales failed and same-store sales were continuing to decline exponentially, that sales at the Company's Lime Fresh Grill restaurants were also declining such that the carrying value of that chain's goodwill, trademark and properties and equipment was materially impaired, the Company's expenses and losses were materially understated, and that the value of the Company's deferred tax assets were overstated.
According to the complaint, following the July 24 announcement that same-restaurant sales at Ruby Tuesday restaurants declined, of a $27 million fourth quarter 2013 net loss from continuing operations due in part to an impairment of the Lime Fresh Grill trademark and related assets and that the Company was taking a valuation allowance on its deferred tax assets, and following the October 9, 2013 announcement of a first quarter 2014 revenue decline and increase in net losses from declines in same-store sales declines at Ruby Tuesday restaurants, the value of Ruby Tuesday's shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com
