Ruby Tuesday, Inc. (NYSE: RT)Fri, 05/16/2014 - 15:48 — Webmaster
Ryan & Maniskas, LLP has commenced an investigation into potential securities law violations by certain officers of Ruby Tuesday, Inc. (NYSE: RT).Join the class action
Ryan & Maniskas, LLP has commenced an investigation into potential securities law violations by certain officers of Ruby Tuesday, Inc. (“Ruby Tuesday” or the “Company”) (NYSE: RT).
Ruby Tuesday shareholders who purchased shares should contact Richard A. Maniskas, Esquire at 877-316-3218 or at firstname.lastname@example.org to learn more about this investigation or visit: www.rmclasslaw.com/cases/rt.
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.
Recently, a court denied, in part, Ruby Tuesday’s motion to dismiss a complaint that stemmed from allegations that Ruby Tuesday issued allegedly materially false and misleading statements regarding its financial performance and future prospects and failed to disclose the following adverse facts: that changes made to the menu at Ruby Tuesday, Inc.’s flagship Ruby Tuesday chain to increase the range of offerings and price points were negatively impacting sales, as the average sales check price was declining without contemporaneous increases in traffic, that contrary to the reported progress being made in a turnaround effort, same-store sales were continuing to decline exponentially at the Company’s flagship Ruby Tuesday chain, that the Company had experienced a dramatic decline in sales at its Lime Fresh Grill restaurants, and as a result, the carrying value of that chain’s goodwill, trademark and properties and equipment was materially impaired, that the Company’s expenses and losses were being materially understated, that the value of the Company’s deferred tax assets were overstated, and that based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company’s business.