WAYNE, Pa., May 16, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Middle District of Tennessee on behalf of purchasers of Ruby Tuesday, Inc. ("Ruby Tuesday" or the "Company") (NYSE: RT) common stock during the period between April 11, 2013 and October 9, 2013, inclusive (the "Class Period").

Ruby Tuesday shareholders may, no later than July 7, 2014, move the Court for appointment as a lead plaintiff of the Class.  If you purchased shares of Ruby Tuesday and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/rt.  You may also email Mr. Maniskas at rmaniskas@rmclasslaw.com.

The complaint charges Ruby Tuesday and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Ruby Tuesday, together with its subsidiaries, owns, develops, operates, and franchises a chain of hundreds of casual dining restaurants in the United States and internationally.

The complaint alleges that during the Class Period, Ruby Tuesday issued materially false and misleading statements regarding the Company's financial performance and future prospects and failed to disclose the following adverse facts: (1) that changes made to the menu at the Company's flagship Ruby Tuesday chain to increase the range of offerings and price points were negatively impacting sales, as the average sales check price was declining without contemporaneous increases in traffic; (2) that contrary to the reported progress being made in a turnaround effort, same-store sales were continuing to decline exponentially at the Company's flagship Ruby Tuesday chain; (3) that the Company had experienced a dramatic decline in sales at its Lime Fresh Grill restaurants, and as a result, the carrying value of that chain's goodwill, trademark and properties and equipment was materially impaired; (4) that the Company's expenses and losses were being materially understated; (5) that the value of the Company's deferred tax assets were overstated; and (6) that based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's business during the Class Period. As a result of these false and misleading statements and omissions, Ruby Tuesday common stock traded at artificially inflated prices during the Class Period.

On July 24, 2013, defendants reported Ruby Tuesday's fourth quarter and fiscal 2013 financial results, including declining same-restaurant sales at the flagship Ruby Tuesday restaurants and a $27 million fourth quarter 2013 net loss from continuing operations due in large part to an impairment of the Lime Fresh Grill trademark and related assets and taking a valuation allowance on the Company's deferred tax assets. On this news, the Company's stock price fell, closing down at $7.84 per share on July 25, 2013. Then, on October 9, 2013, the Company reported a significant decline in first quarter 2014 revenues and an increase in net losses, driven by further severe same-store sales declines at the flagship Ruby Tuesday restaurants, which the Company disclosed would last at least through the second quarter 2014. On this news the Company's stock price fell further, closing at $6.26 per share on October 10, 2013.

If you are a member of the class, you may, no later than July 7, 2014, request that the Court appoint you as lead plaintiff of the class.  A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.  In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Under certain circumstances, one or more class members may together serve as "lead plaintiff."  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.  You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.

Ryan & Maniskas, LLP is a national shareholder litigation firm.  Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.  To learn more about the class action process, please visit: www.rmclasslaw.com.

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SOURCE Ryan & Maniskas, LLP