NEW YORK (Legal Newsline) - An investor is suing Ruby Tuesday and two of its chief officers, alleging they misled investors.
Alessandro Jacob, individually and for all others similarly situated, filed a class action lawsuit April 29 in U.S. District Court for the Southern District of New York against Ruby Tuesday Inc. James J. Buettgen and Jill M. Golder, alleging violations of federal securities laws.
The suit alleges from July 2015 to January 2016, the defendants made false and misleading statement's about Ruby Tuesday's fiscal year ending May 31, 2016.
Specifically, the complaint states the defendants failed to disclose that the fiscal year 2016 guidance was unobtainable and unrealistic, and that peer promotional activity and the continuing decline in casual dining were adversely impacting Ruby Tuesday's performance.
As a result, Ruby Tuesday shares fell almost 12 percent April 8, damaging investors, the lawsuit states.
Jacob and others in the class seek a jury trial, damages, interests, attorney fees and other costs of the suit. They are represented by attorneys Laurence M. Rosen and Phillip Kim of The Rosen Law Firm in New York.
U.S. District Court for the Southern District of New York Case number 1:16-CV-03214-RA