San Diego, CA -- (SBWIRE) -- 03/03/2015 -- A deadline is coming up on April 15, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Ignite Restaurant Group Inc (NASDAQ: IRG) pursuant and/or traceable to the company's initial public offering on May 11, 2012 or between May 11, 2012 and October 30, 2012.

Investors who purchased a significant amount of shares of Ignite Restaurant Group Inc (NASDAQ: IRG) pursuant and/or traceable to the company's initial public offering on May 11, 2012 or between May 11, 2012 and October 30, 2012, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The settlement proof of claim form or detailed settlement notice for the settlement in Ignite Restaurant Group Inc (NASDAQ: IRG) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/ignite-restaurant-group-inc-nasdaq-irg-investor-securities-class-action-lawsuit-07202012

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is April 15, 2015. The class action administrator for this case is Strategic Claims Services.

The lawsuit was originally filed in in the U.S. District Court for the Southern District of Texas against Ignite Restaurant Group Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 10, 2012 and July 18, 2012. According to the complaint the plaintiff alleges on behalf of investors, who purchased their NASDAQ: IRG shares in the IPO or between May 10, 2012 and July 18, 2012, that the defendants violated the Securities Act of 1933. Specifically, the plaintiff alleges that the IPO documents contained allegedly false financial statements because the Company improperly accounted for leases.

Ignite Restaurant Group Inc (NASDAQ: IRG) reported that its Total Revenue increased from $273.36million for the 12months period ending on Dec. 29, 2012 to $40.524million for the 52weeks period ending on Jan 2, 2012 and that its Net Income over the same time periods rose from a Net Loss of $3.21million to a Net Income of $11.25million.

Then on July 18, 2012, after the market closed, Ignite Restaurant Group Inc (NASDAQ: IRG) announced that its expects to restate its previously issued financial statements for years 2009 through 2011 and for the first quarter of 2012. The company said that following an internal assessment of its lease accounting policies, it has determined it necessary to correct non-cash related errors related to its accounting treatment of certain leases.

Those who purchased shares of Ignite Restaurant Group Inc (NASDAQ: IRG) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com