We represent Ruby Tuesday and certain named officers in a putative class action alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The plaintiffs allege that defendants made materially false and misleading statements and omissions concerning the company’s repositioning strategy for its restaurants and the financial condition of one of its restaurant chains. Our motion to dismiss was granted in part, significantly reducing the class period and potential liability. Ruby Tuesday has agreed to pay $5 million to settle the class action, which is subject to court approval. Krystek v. Ruby Tuesday, Inc., No. 3:14-cv-01119 (M.D. Tenn.).
Law360 provided analysis of the case in the following articles:
- “Ruby Tuesday Settles Investor Class Action For $5M,” Law360 (March 30, 2017)
- “Simple Fraud Is Still Fraud, Ruby Tuesday Investors Say,” Law360 (April 15, 2015)