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Case Status:    SETTLED
On or around 05/03/2016 (Other)

Filing Date: July 20, 2012

According to the complaint, Ignite, headquartered in Houston Texas, together with its subsidiaries, engages in restaurant business. As of July 15, 2011, it owned and operated 117 restaurants under Joe's Crab Shack brand and 17 restaurants under Brick House Tavern+Tap brand in 32 states.

In the Company's IPO on May 10, 2012, 5,769,231 of the Company's common stock were priced at $14.00/share for total proceeds of over $80 million. On May 11, 2012, trading in the Company's shares opened at $16.85/share.

The complaint alleges that the registration statement and prospectus, which included the Company's financial results in dating back to 2007, contained misstatements of material fact. Namely, the registration statements and prospectus contained material errors relating to the Company's accounting treatment of leases since nearly the Company's inception.

On July 18, 2012, Ignite issued an announcement admitting that the Company's
previously issued financial statements, including those included in the IPO offering documents, contained material errors and had to be restated. This announcement shocked the market and caused the price of Ignite stock to drop $3.91/share to 20.5% to $15.15/share.

On October 22, 2012, the Court issued an Order appointing the lead plaintiff and approving the selection of lead counsel. On December 6, lead plaintiffs filed the First Amended Complaint.

On September 3, 2013, the Court issued an Order granting the Defendant's Motion to Dismiss without prejudice. Plaintiffs were given leave to file an Amended Complaint. Plaintiffs filed their Amended Complaint on September 18th.

On January 7, 2014, the Court issued an Order denying the Defendants' Motions to Dismiss.

On January 23, 2015, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on January 30. On June 5, 2015, the Court granted final approval of the Settlement and dismissed this case.

COMPANY INFORMATION:

Sector: Services
Industry: Restaurants
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: IRG
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Texas
DOCKET #: 12-CV-02196
JUDGE: Hon. Vanessa D Gilmore
DATE FILED: 07/20/2012
CLASS PERIOD START: 05/10/2012
CLASS PERIOD END: 07/18/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Payne Mitchell Law Group, LLP
    2911 Turtle Creek Blvd., Suite 1400, Payne Mitchell Law Group, LLP, TX 75219
    214-252-1888 214-252-1889 ·
  2. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date
COURT: S.D. Texas
DOCKET #: 12-CV-02196
JUDGE: Hon. Vanessa D Gilmore
DATE FILED: 09/18/2013
CLASS PERIOD START: 05/10/2012
CLASS PERIOD END: 07/18/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Payne Mitchell Law Group, LLP
    2911 Turtle Creek Blvd., Suite 1400, Payne Mitchell Law Group, LLP, TX 75219
    214-252-1888 214-252-1889 ·
  2. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date