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RICK - RCI Hospitality's Informal Inquiry From The SEC Turns Into A Formal Investigation
RCI Hospitality Holdings Inc.
While most public companies tend to resist, RCI Hospitality (RICK) continues to laugh at shareholders as they add to the number of previously undisclosed related party transactions yet again. The troubled company filed Q3 and Q2 10-Q’s after a long delay and change in auditor and disclosed that the SEC’s informal inquiry had transformed into a formal inquiry. This runs counter to the positive spin narrative RCI communicated in its most recent press release. In my view, the company confirmed why it should continue to be avoided.