|Company name||RCI Hospitality Holdings, Inc.|
NEW YORK, September 18, 2019 – Bragar Eagel and Squire is investigating certain officers and directors of RCI Hospitality Holdings, Inc. (NASDAQ: RICK) following a class action complaint that was filed against RCI Hospitality on May 21, 2019.
The complaint alleges that throughout the class period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Company engaged in numerous transactions with the CEO, including lending him significant sums of money; (2) that these practices were reasonably likely to lead to regulatory scrutiny of the Company; (3) that, as a result of investigations into the Company’s governance, the Company would be unable to timely file its financial statements; and (4) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
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