Ruby Tuesday receives securities class action lawsuit

A law office recently announced the filing of a securities class action lawsuit against a restaurant chain due to potential violations of federal securities laws by its board of directors.

Law firm Robbins Arroyo, LLP, noted that the litigation was filed in the U.S. District Court for the Middle District of Tennessee against Ruby Tuesday, Inc. This includes all shareholders who acquired interests in the company during the class period between April 11, 2013, and Oct. 9, 2013.

The allegations against the company center around its leaders potentially violating the Securities and Exchange Act of 1934. Specifically, the company may have misrepresented its finances to those with interests in the company. This was due to its fiscal results for 2013, as well as the fourth quarter, which had finances drop significantly. Restaurant sales declined 3.1 percent during that period, while domestic franchise sales fell 5.1 percent.

It is possible to discuss matters related to the lawsuit with the law firm. This can include how a shareholder's rights may be affected, or other related matters. The best person to contact is Darnell Donahue, who can be reached by email or telephone. There is also further information available on the law office's website.

Second lawsuit filed
Another law firm recently explained that it also filed a class action lawsuit against Ruby Tuesday in the aforementioned court for many of the same reasons.

Levi and Korsinsky, LLP, noted that the lawsuit is due to statements made by the company that may have been false or misleading regarding its financial performance and future potential.

It is possible for shareholders of the company to become lead plaintiff in the case. This can be best done by speaking with the court and filing the necessary paperwork by July 7, 2014. Those interested parties will need to be approved by the court. This is not a mandatory position, and remaining an absent class member will not prevent the ability to collect in the event of a monetary return.

For those shareholders who are interested in learning more about the case, it is also an option to discuss these matters with the law office. The best person to speak with is Joseph Levi, and he can be contacted by telephone or email. The law office's website also has further details on the case.