Chanticleer Holdings, Inc. (NASDAQ: HOTR), headquartered in Charlotte, North Carolina, Friday announced a Stipulation and Settlement Agreement regarding the class action suit of Francis Howard v. Chanticleer Holdings, Inc., Michael D. Pruitt, et al.
On March 31, 2014, a fully executed settlement agreement was filed with the court as to all matters raised in the suit and to dismiss it on the merits and with prejudice. The terms of the settlement are a cash settlement of $850,000, of which $837,500 will be paid by the Company's insurance carrier, XL Specialty Insurance Company, and $12,500 to be contributed by Creason & Associates, PLLC. It is subject to preliminary and final court approval with the United States District Court in the Southern District of Florida.
"We are pleased with this agreement, which will put this matter behind us, so that we may focus our attention on growth. We look forward to opening our scheduled Hooters and Just Fresh locations in the coming months as we continue expanding in both international and domestic markets," commented Mike Pruitt, CEO and President of Chanticleer Holdings.
About Chanticleer Holdings, Inc.
Headquartered in Charlotte, NC, Chanticleer Holdings (HOTR), together with its subsidiaries, owns and operates restaurant brands in the United States and internationally. The Company is a franchisee owner of Hooters® restaurants in international markets including England, South Africa, Hungary, and Brazil, has joint ventured with the current Hooters franchisee in Australia, and recently acquired two Hooters restaurants in the United States. The Company also owns and operates American Roadside Burgers, Spoon Bar & Kitchen and owns a majority interest in Just Fresh restaurants in the U.S.
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