Last week, RCI Hospitality Holdings Inc. (NASDAQ:RICK) announced that its CEO and CFO, Eric Langan and Bradley Chhay, will be stepping down, marking the latest shake-up at the company hit by significant legal and regulatory turbulence over the past year. Comes Days After Massive BuybackAccording to a press release issued by the company on Friday, Langan will continue to serve on its board, while naming Travis Reese and Albert Molina as interim CEO and CFO, respectively, without offering any explanation for ...

HOUSTON--(BUSINESS WIRE)--RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced its Board of Directors named Travis Reese as Interim President and CEO and Albert Molina as Interim CFO. Eric Langan has stepped down as President and CEO and Bradley Chhay as CFO. Mr. Langan will continue to serve on the board and will continue to be employed by the Company, advising our subsidiaries regarding strategic corporate transactions, including identifying potential acquisition targets and negotiat. ...

Core Points - RCI Hospitality Holdings, Inc. has acquired 821,000 shares from ADW Capital Partners for $30.0 million, translating to $36.54 per share, with $8.0 million in cash and $22.0 million in seller financing at 12% [1] - The acquisition reduces RCI's share count by approximately 9.5%, bringing the total outstanding shares to about 7,850,000 [4] - The transaction aligns with RCI's Capital Allocation Plan, aiming to reduce shares to 7.5 million by fiscal year 2030, and is expected to be accretive to free cash flow per share from day one [4] Company Overview - RCI Hospitality Holdings, Inc. operates over 60 locations and is a leading company in adult nightclubs and sports bars/restaurants in the United States [2]

Core Viewpoint - A class action securities lawsuit has been filed against RCI Hospitality Holdings, Inc. alleging securities fraud affecting investors between December 15, 2021, and September 16, 2025 [1][2]. Group 1: Lawsuit Details - The lawsuit claims that the defendants engaged in tax fraud and bribery to conceal this fraud, leading to an understatement of the legal risks faced by the company [3]. - It is alleged that the defendants' statements regarding the company's business, operations, and prospects were materially false and misleading [3]. Group 2: Investor Information - Investors who suffered losses during the specified timeframe have until November 20, 2025, to request to be appointed as lead plaintiff, although participation in any recovery does not require serving as a lead plaintiff [4]. - Class members may be entitled to compensation without any out-of-pocket costs or fees [4]. Group 3: Legal Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and is recognized as one of the top securities litigation firms in the United States [5].

Core Viewpoint - RCI Hospitality Holdings, Inc. is facing a class action lawsuit due to allegations of tax fraud and bribery, which resulted in misleading statements about the company's business and legal risks [1][2]. Summary by Sections Allegations - The lawsuit claims that during the class period from December 15, 2021, to September 16, 2025, the defendants engaged in tax fraud and bribery to conceal this fraud [1]. - It is alleged that the defendants understated the legal risks facing the company, leading to materially false and misleading statements regarding its business operations and prospects [1]. Class Action Details - Shareholders who purchased RCI Hospitality shares during the specified class period are encouraged to register for the class action, with a deadline set for November 20, 2025 [2]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the case lifecycle [2]. Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and illegal business practices [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [3].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased RCI Hospitality Holdings, Inc. securities between December 15, 2021, and September 16, 2025, of the upcoming lead plaintiff deadline for a securities class action lawsuit [1]. Group 1: Class Action Details - Investors who purchased RCI Hospitality securities during the specified Class Period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by November 20, 2025 [3]. - The lawsuit alleges that defendants made materially false and misleading statements regarding tax fraud and bribery, which understated the legal risks facing RCI Hospitality [5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified counsel with a successful track record in securities class actions, highlighting its own achievements, including the largest securities class action settlement against a Chinese company [4]. - The firm has been ranked No. 1 for securities class action settlements in 2017 and has consistently ranked in the top 4 since 2013, recovering hundreds of millions of dollars for investors [4]. - In 2019, the firm secured over $438 million for investors, showcasing its capability in handling such cases [4].

Core Points - Class actions have been initiated on behalf of stockholders of RCI Hospitality Holdings, Inc. and Fortinet, Inc. [1] - Investors have specific deadlines to petition the court to serve as lead plaintiff in these cases [1] RCI Hospitality Holdings, Inc. (NASDAQ:RICK) - The class period for the RCI lawsuit is from December 15, 2021, to September 16, 2025 [7] - Allegations include tax fraud, bribery to cover up tax fraud, and misleading statements regarding the company's legal risks and business operations [7] Fortinet, Inc. (NASDAQ:FTNT) - The class period for the Fortinet lawsuit is from November 8, 2024, to August 6, 2025 [7] - Allegations include misrepresentation of the refresh cycle's profitability, lack of clarity on the number of FortiGate firewalls eligible for upgrades, and misleading statements about the impact of the refresh on business [7] - Following the earnings call on August 6, 2025, Fortinet's stock price fell over 22% due to the revelation of these issues [7]

Core Viewpoint - RCI Hospitality Holdings, Inc. is facing a securities fraud class action lawsuit due to allegations of tax fraud and bribery involving its executives, which has resulted in a significant drop in its stock price [2][3][4]. Summary by Sections Company Overview - RCI Hospitality Holdings, Inc. (NASDAQ: RICK) is under scrutiny following the indictment of its top executives for involvement in a multimillion-dollar criminal tax fraud and bribery scheme [2]. Legal Proceedings - A class action lawsuit has been filed on behalf of investors who acquired RCI securities between December 15, 2021, and September 16, 2025, with a deadline of November 20, 2025, to participate as a lead plaintiff [1][5]. Allegations - The lawsuit alleges that RCI's executives made materially false and misleading statements and failed to disclose significant adverse facts about the company's operations, including: 1. Engagement in tax fraud 2. Bribery to conceal tax fraud 3. Understated legal risks facing the company 4. Misleading positive statements regarding the company's business and prospects [4]. Market Impact - Following the announcement of the indictments on September 16, 2025, RCI's stock price fell by $5.53, or 15.9%, closing at $28.79, which has adversely affected investors [3].

Core Viewpoint - RCI Hospitality Holdings, Inc. is facing a securities class action lawsuit due to allegations of tax fraud and bribery, with a lead plaintiff deadline set for November 20, 2025 [1][5]. Group 1: Class Action Details - The class action pertains to securities purchased between December 15, 2021, and September 16, 2025, and investors may be entitled to compensation without upfront costs through a contingency fee arrangement [2][5]. - The lawsuit claims that the defendants made materially false statements and failed to disclose significant legal risks, leading to investor damages when the truth emerged [5]. Group 2: Legal Representation - Investors are encouraged to select qualified legal counsel with a proven track record in securities class actions, as many firms may lack the necessary experience and resources [4]. - The Rosen Law Firm has a history of successful settlements, including the largest securities class action settlement against a Chinese company, and has recovered hundreds of millions for investors [4].

Core Viewpoint - Rosen Law Firm has initiated a class action lawsuit against Skye Bioscience, Inc. (NASDAQ: SKYE) on behalf of investors who suffered significant losses during the specified Class Period from November 4, 2024, to October 3, 2025, due to alleged misleading statements regarding the company's business operations [1][3]. Allegations - The lawsuit claims that Skye Bioscience made materially false and misleading statements about its business, specifically regarding the effectiveness of its drug nimacimab, which was overstated, leading to inflated clinical, regulatory, and commercial prospects [3]. Class Action Participation - Shareholders interested in participating as lead plaintiffs must file motions by January 16, 2026, and can choose to remain absent class members without participating in the case [4]. Rosen Law Firm Background - Rosen Law Firm is recognized for its commitment to shareholder rights litigation, having recovered over $1 billion for shareholders since its inception, and operates on a contingency fee basis, meaning shareholders incur no fees or expenses [6].