July 19, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in Ignite Restaurant Group Inc (NASDAQ:IRG) shares over potential securities laws violations by certain officers and directors at Ignite Restaurant Group Inc in connection with certain statements issued by the Company between May 11, 2012 and July 18, 2012, regarding its business, operations and financial condition.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Ignite Restaurant Group Inc (NASDAQ:IRG) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements about Ignite Restaurant Group Inc (NASDAQ:IRGs business, its prospects and its operations were potentially materially false and misleading at the time they were made.

Ignite Restaurant Group Inc (NASDAQ:IRG) reported that its Total Revenue increased from $273.36million for the 12months period ending on Dec. 29, 2012 to $40.524million for the 52weeks period ending on Jan 2, 2012 and that its Net Income over the same time periods rose from a Net Loss of $3.21million to a Net Income of $11.25million.

Then on July 18, 2012,after the market closed, Ignite Restaurant Group, Inc. (NASDAQ: IRG) announced that its expects to restate its previously issued financial statements for years 2009 through 2011 and for the first quarter of 2012. The company said that following an internal assessment of its lease accounting policies, it has determined it necessary to correct non-cash related errors related to its accounting treatment of certain leases.

Shares of Ignite Restaurant Group Inc (NASDAQ:IRG) dropped from $19.06 on July 18, 2012, to $14.855 on July 19, 2012.