Share Name Share Symbol Market Type
RCI Hospitality Holdings Inc NASDAQ:RICK NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.08 0.43% 18.76 18.04 28.00 18.9381 18.31 18.80 41,574 00:59:37

WeissLaw LLP: RCI Hospitality Holdings, Inc. is Under Legal Investigation

15/01/2020 7:54pm

PR Newswire (US)


RCI Hospitality (NASDAQ:RICK)
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NEW YORK, Jan. 15, 2020 /PRNewswire/ -- WeissLaw LLP, a national class action and shareholder rights law firm with offices in New York, California and Georgia, announces an investigation of RCI Hospitality Holdings, Inc. (NASDAQ: RICK) ("RCI" or the "Company").

WeissLaw LLP (PRNewsfoto/WeissLaw LLP)

If you own RCI shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:

https://weisslawllp.com/rci-hospitality-holdings-inc-investigation/

Or please contact:

Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY  10036
(212) 682-3025
(888) 593-4771

stockinfo@weisslawllp.com

The investigation focuses on possible breaches of fiduciary duty and violations of federal securities laws by the members of RCI's Board of Directors in connection with their engaging in improper acts of self-dealing, including lending corporate funds to the CEO's family members, the improper use of Company planes, the hiring of a corporate director to provide legal services to the Company, and the authorization to repurchase the Company's shares at artificially inflated prices.  The RCI Board of Directors also has failed to implement and maintain an effective system of internal controls over the Company's financial reporting process, which led to the Company's announcement that it could not timely file its audited financial statements for the third consecutive year.  A consolidated securities class action against RCI and certain of its directors and officers is pending, captioned In re RCI Hospitality Holdings, Inc. Securities Litigation (4:19-cv-01841) (S.D. Tex.). 

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties.  We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.  If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com.

 

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SOURCE WeissLaw LLP

Copyright 2020 PR Newswire

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