NEW YORK, May 23, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that  a federal securities class action  lawsuit has been filed in the United States District Court for the Southern District of Texas, on behalf of persons and entities that purchased or otherwise acquired RCI Hospitality Holdings, Inc. (NASDAQ: RICK) (“RCI Hospitality” or the “Company”) securities between February 14, 2018 and May 10, 2019, inclusive (the “Class Period”).

Investors who purchased the shares of RCI Hospitality Holdings, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.

If you have incurred losses in the shares of RCI Hospitality Holdings, Inc., you may, no later than July 22, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in RCI Hospitality Holdings, Inc.

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The filed complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors:

• that the Company engaged in numerous transactions with the CEO, including lending him significant sums of money;
   
• that these practices were reasonably likely to lead to regulatory scrutiny of the Company;
   
• that, as a result of investigations into the Company’s governance, the Company would be unable to timely file its financial statements; and
   
• that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
  

On December 11, 2018, RCI Hospitality stated that it could not timely file its annual report with the SEC due to “delays in completing the audit of its financial statements for the year ended September 30, 2018.” On this news, the Company’s share price fell $1.37, or approximately 6%, to close at $22.33 per share on December 12, 2018.

Then, on May 10, 2019, RCI Hospitality stated that it could not timely file its quarterly report with the SEC for the period ended March 31, 2019 due to pending investigations related to the company. On this news, the Company’s share price fell $1.67, or over 7%, to close at $20.48 per share on May 13, 2019.

Wolf Haldenstein Adler Freeman & Herz LLP  has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at  www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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