Bernstein Liebhard LLP Announces Investigation Into Ignite Restaurant Group, Inc. After Disclosure of Imminent Restatement
July 20, 2012
Bernstein Liebhard LLP today announced an investigation into Ignite Restaurant Group, Inc. (NASDAQ: IRG) (“Ignite” or the “Company”). On July 18, 2012, after the market closed, Ignite announced that, following an internal assessment of its lease accounting policies, the Company had determined it necessary to correct non-cash related errors related to its accounting treatment of certain leases. As a follow-up to this review, the Company also stated that it was commencing a detailed review of its historical accounting for fixed assets and related depreciation expense in prior periods as a private company.
Following the completion of the accounting review, the Company, with the concurrence of its independent registered public accounting firm, PricewaterhouseCoopers LLP, announced that it would restate its previously issued financial statements for years 2009 through 2011 and for the first quarter of 2012.
On this news, Ignite shares declined over 20% to close at $15.15 per share on July 19, 2012, representing a loss of nearly $100 million in shareholder value.
If you are interested in discussing your rights as an Ignite shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or email@example.com.
Bernstein Liebhard has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last nine years.