RCI Hospitality Holdings, Inc.
| Company Name | RCI Hospitality Holdings, Inc. |
| Stock Symbol | RICK |
| Class Period | December 15, 2021 to September 16, 2025 |
| Lead Plaintiff Motion Deadline | November 20, 2025 |
On September 16, 2025, the New York Attorney General announced that top executives of RCI had been indicted “for their roles in a major, multimillion dollar criminal tax fraud and bribery scheme.” Specifically, the Company, along with five of its executives, and three of its Manhattan strip clubs, were facing 79 charges, including conspiracy, bribery, and criminal tax fraud stemming from the alleged bribe of a government tax auditor.
On this news, RCI’s stock price fell $5.53, or 15.9%, to close at $28.79 on September 16, 2025, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Defendants engaged in tax fraud; (2) Defendants committed bribery to cover up the fact that they committed tax fraud; (3) as a result, Defendants understated the legal risk facing the Company; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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