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Chanticleer Holdings Inc (NASDAQ:HOTR) Investor Alert: Lawsuit alleges Misleading Statements

A lawsuit was filed for investors in shares of Chanticleer Holdings Inc (NASDAQ:HOTR). Deadline: December 12, 2012. HOTR investors who purchased a substantial amount, should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 
 
mail@shareholdersfoundation.com
mail@shareholdersfoundation.com
PRLog - Nov. 7, 2012 - SAN DIEGO -- An investor in shares of Chanticleer Holdings Inc (NASDAQ:HOTR) filed a lawsuit in the U.S. District Court for the Southern District of Florida against Chanticleer Holdings Inc  over alleged securities laws violations in connection with certain allegedly false and misleading statements.

If you purchased shares of Chanticleer Holdings Inc (NASDAQ:HOTR), who purchased units and shares pursuant or traceable to Chanticleer Holdings 's June 21, 2012, secondary offering, you have certain options and there are strict and short deadlines running. Deadline: December 12, 2012. NASDAQ:HOTR investors who purchased a substantial amount of NASDAQ:HOTR shares on June 21, 2012 should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Chanticleer Holdings Inc (NASDAQ:HOTR) reported that its annual Revenue rose from $0.60 million in 2009 to $1.46 million in 2011. However, its Net Loss increased from $0.81 million in 2009 to $1.1 million in 2011.

The plaintiff alleges on behalf of investors who purchased units and shares pursuant or traceable to Chanticleer Holdings 's June 21, 2012, secondary offering that Chanticleer Holdings allegedly falsely represented that the financial statements for its South African operations, accounting for a majority of its revenues, had been audited. In reality, so the plaintiff, they had not been audited and when Chanticleer Holdings disclosed that the financial statements for its South African operations had not been audited, the NASDAQ halted trading in Chanticleer's stock and warrants.
On September 10, 2012, Chanticleer Holdings Inc (NASDAQ:HOTR) announced that on September 7, 2012, its audit committee, upon recommendation of Chanticleer Holdings’ management determined that Chanticleer Holdings’ consolidated Financial Statements for its fiscal year ending December 31, 2011 and the interim unaudited financial statements for its fiscal quarters ending March 31, 2012 and June 30, 2012 could no longer be relied on. Chanticleer Holdings said it determined that the audited financial statements of Kiarabrite (Pty) Ltd., Dimaflo (Pty) Ltd., Tundraspex (Pty) Ltd., Civisign (Pty) Ltd. and Dimalogix (Pty) Ltd. which are the South African management company and the four entities setup for the stores Chanticleer Holdings operates in South Africa, were not audited as the Company was led to believe. The CFO and Director of Chanticleer Holdings’ South Africa Operations has resigned effective immediately.

NASDAQ:HOTR closed on September 7, 2012, at $3.64 per share.

Those who purchased shares of Chanticleer Holdings Inc (NASDAQ:HOTR), who purchased units and shares pursuant or traceable to Chanticleer Holdings 's June 21, 2012, secondary offering, have certain options and there are strict and short deadlines running. Deadline: December 12, 2012. NASDAQ:HOTR investors who purchased a substantial amount of NASDAQ:HOTR shares on June 21, 2012 should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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Contact Email:
***@shareholdersfoundation.com Email Verified
Source:Shareholders Foundation, Inc.
Phone:+1-(858)-779-1554
Zip:92108
Location:San Diego - California - United States
Industry:Business, Finance
Tags:Chanticleer Holdings Inc, NASDAQ:HOTR, securities class action, class action, securities lawsuit
Shortcut:prlog.org/12017612
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