NEW YORK, July 27, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities violations at Ignite Restaurant Group ("Ignite" or the "Company") (NasdaqGS: IRG).
On July 18, 2012, Ignite announced that following an internal assessment of its lease accounting policies, the Company corrected non-cash related errors related to its accounting treatment of certain leases. As a follow-up to this review, the Company stated that it would commence a thorough review of its historical accounting for fixed assets and related depreciation expenses from past periods when Ignite was a private company.
Following the completion of its internal 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 plummeted by over 20% to close at $15.15 per share on July 19, 2012, representing a loss of nearly $100 million in shareholder value. The shares dropped an additional 7% on July 20, 2012.
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If you purchased Ignite securities and would like to discuss your legal rights, visit www.faruqilaw.com/IRG. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Ignite's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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