NEW YORK, Jan. 15, 2020 /PRNewswire/ -- WeissLaw LLP, a
national class action and shareholder rights law firm with offices
in New York, California and Georgia, announces an investigation of RCI
Hospitality Holdings, Inc. (NASDAQ: RICK) ("RCI" or the
"Company").
If you own RCI shares and wish to discuss this
investigation or have any questions concerning this notice or your
rights or interests, visit our website:
https://weisslawllp.com/rci-hospitality-holdings-inc-investigation/
Or please contact:
Joshua Rubin,
Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
The investigation focuses on possible breaches of fiduciary duty
and violations of federal securities laws by the members of RCI's
Board of Directors in connection with their engaging in improper
acts of self-dealing, including lending corporate funds to the
CEO's family members, the improper use of Company planes, the
hiring of a corporate director to provide legal services to the
Company, and the authorization to repurchase the Company's shares
at artificially inflated prices. The RCI Board of Directors
also has failed to implement and maintain an effective system of
internal controls over the Company's financial reporting process,
which led to the Company's announcement that it could not timely
file its audited financial statements for the third consecutive
year. A consolidated securities class action against RCI and
certain of its directors and officers is pending, captioned In
re RCI Hospitality Holdings, Inc. Securities Litigation
(4:19-cv-01841) (S.D. Tex.).
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com.
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SOURCE WeissLaw LLP