The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Common Stock of Ignite Restaurant Group, Inc. - IRG

February 26, 2015

The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Common Stock of Ignite Restaurant Group, Inc. -- IRG

HOUSTON, Feb. 26, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court Southern District of Texas has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Ignite Restaurant Group, Inc. (Nasdaq:IRG):

SUMMARY NOTICE OF PENDENCY AND SETTLEMENT OF CLASS ACTION

TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED THE COMMON STOCK OF IGNITE RESTAURANT GROUP, INC. PURSUANT AND/OR TRACEABLE TO THE COMPANY'S INITIAL PUBLIC OFFERING ON MAY 11, 2012 OR BETWEEN MAY 11, 2012 AND OCTOBER 30, 2012

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of Texas, that a hearing will be held on June 5, 2015 at 9:30 a.m. before the Honorable Vanessa Gilmore, United States District Judge of the Southern District of Texas, 515 Rusk Street, Courtroom 9A, Houston, Texas 77002 (the "Settlement Hearing"), for the purpose of determining: (1) whether the proposed Settlement of the Litigation for the sum of $1,800,000 should be approved by the Court as fair, reasonable, and adequate, which would result in this Litigation being dismissed with prejudice as set forth in the Stipulation dated January 23, 2015; (2) whether the proposed Plan of Allocation to distribute the settlement proceeds is fair, reasonable, and adequate and therefore should be approved; and (3) whether the application for an award of attorneys' fees of one third of the Gross Settlement Fund, reimbursement of expenses of not more than $330,000, and an incentive payment of no more than $5,000 to lead plaintiffs, should be approved.

If you purchased common stock of Ignite Restaurant Group, Inc. ("Ignite" or the "Company") pursuant to traceable to the Company's Initial Public Offering ("IPO") on May 11, 2012 or between May 11, 2012 and October 30, 2012, both dates inclusive, your rights may be affected by the Settlement of this action. If you have not received a detailed Notice of Pendency and Settlement of Class Action ("Notice") and a copy of the Proof of Claim and Release, you may obtain copies by writing to Ignite Restaurant Group, Inc. Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 3, P.O. Box 230, Media, PA 19063 (866-274-4004 (Tel) 610-565-7985 (Fax); info@strategicclaims.net), or going to the website, www.strategicclaims.net. If you are a member of the Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than April 15, 2015, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Litigation whether or not you make a claim. If you desire to be excluded from the Class, you must submit a request for exclusion so that it is received no later than May 5, 2015, in the manner and form explained in the detailed Notice to the Claims Administrator.

Any objection to the Settlement, Plan of Allocation, the Lead Plaintiffs' Counsel's request for an award of attorneys' fees and reimbursement of expenses, or awards to Lead Plaintiff s must be in the manner and form explained in the detailed Notice and received no later than May 16, 2015, to each of the following:

Clerk of the Court Phillip Kim, Esq.
United States District Court THE ROSEN LAW FIRM, P.A.
Southern District of Texas - Houston Division 275 Madison Avenue, 34th Floor
515 Rusk Avenue New York, NY 10016
Houston, TX 77002  
  Lead Plaintiffs' Counsel
Yosef J. Riemer, P.C. Robert Y. Sperling
Shireen A. Barday Joseph. L. Motto 
KIRKLAND & ELLIS LLP WINSTON & STRAWN LLP
601 Lexington Avenue 35 West Wacker Drive 
New York, New York 10022 Chicago, IL 60601-9703
   
Counsel for Defendants Ignite Restaurant Group, Inc., Raymond A. Blanchette, III, Jeffrey L. Rager, and Edward W. Engel Counsel for Credit Suisse Securities (USA) LLC, Robert W. Baird & Co. Inc., Piper Jaffray & Co., KeyBanc Capital Markets Inc., Lazard Capital Markets LLC, and Raymond James & Associates, Inc.

If you have any questions about the Settlement, you may call or write to Lead Plaintiffs' Counsel:

Phillip Kim, Esq.
THE ROSEN LAW FIRM, P.A.
275 Madison Avenue, 34th Floor
New York, NY 10016
Tel.: 212-686-1060
Fax: 212-202-3827

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.

Dated: January 30, 2015                                           

BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF TEXAS