NEW YORK, July 02, 2019 (GLOBE NEWSWIRE) -- Zhang Investor Law announces the filing of a class action lawsuit on behalf of shareholders who bought shares of RCI Hospitality Holdings, Inc. (NASDAQ: RICK) between February 14, 2018 and May 10, 2019 (the “Class Period”). The lawsuit seeks to recover damages for RCI investors under the federal securities laws.
If you wish to serve as lead plaintiff, you must move the Court no later than July 22, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation http://zhanginvestorlaw.com/join-action-form/?slug=rci-hospitality-holdings-inc&id=1875 or to discuss your rights or interests regarding this class action, please contact Sophie Zhang, Esq. or Spencer Lee toll-free at 800-991-3756, or email info@zhanginvestorlaw.com, slee@zhanginvestorlaw.com for information on the class action.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company engaged in numerous transactions with the CEO, including lending him significant sums of money; (2) these practices were reasonably likely to lead to regulatory scrutiny of the company; (3) as a result of investigations into the Company’s governance, the Company would be unable to timely file its financial statements; and (4) as a result of the foregoing, defendants’ positive statements about RCI’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class has not been certified. You may retain counsel of your choice. You may take no action at this time and be an absent class member. Your ability to obtain a recovery is not dependent upon being a lead plaintiff.
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