NEW YORK, May 8, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Ruby Tuesday, Inc. ("Ruby Tuesday" or the "Company") (NYSE: RT) (CUSIP: 781182100). Investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether Ruby Tuesday and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On July 24, 2013, defendants reported Ruby Tuesday's fourth quarter and fiscal 2013 financial results, including declining same-restaurant sales at the flagship Ruby Tuesday restaurants and a $27 million fourth quarter 2013 net loss from continuing operations due in large part to an impairment of the Lime Fresh Grill trademark and related assets and taking a valuation allowance on the Company's deferred tax assets. On this news, the Company's stock price fell, closing down at $7.84 per share on July 25, 2013. Then, on October 9, 2013, the Company reported a significant decline in first quarter 2014 revenues and an increase in net losses, driven by further severe same-store sales declines at the flagship Ruby Tuesday restaurants, which the Company disclosed would last at least through the second quarter 2014.
On this news, shares of Ruby Tuesday shares fell $1.29, or more than 17%, on intraday trading to $6.26, on unusually heavy trading volume on October 10, 2013.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP