Ruby Tuesday Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors

DALLAS--(BUSINESS WIRE)--

Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a class action lawsuit has been filed against Ruby Tuesday, Inc. (“Ruby Tuesday” or “Company”) RT and several officers and directors for acts taken during the period of April 11, 2013 to October 9, 2013 (the “Class Period”).

Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Ruby Tuesday. If you are an affected Ruby Tuesday shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, or via e-mail at shareholder@powerstaylor.com. There is no cost or fee to you.

In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants' misrepresented and/or failed to disclose that: a) changes to the menu at the Company's flagship Ruby Tuesday chain, which included an increase of the range of offerings and price points, negatively affected sales due to a lower average sales check price without an increase in traffic; b) despite the reported progress toward the turnaround effort, same-store sales were continuing to decline exponentially at the Company's flagship Ruby Tuesday chain; c) the Company had experienced a dramatic decline in sales at its Lime Fresh concept restaurants, which meant the carrying value of the Lime Fresh goodwill, trademark and properties and equipment being carried on Ruby Tuesday's books were materially impaired and should have been recorded. Since they were not, the Company's expenses and losses were being materially understated; d) the value of the Company's deferred tax assets were over-stated by $20.1 million; and e) due to the above, Defendants financial statements were materially false and misleading at all relevant times. According to the complaint, when the truth came out, Ruby Tuesday's shares dropped.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.