Hooters Securities Case Kicked To Mediation

By Stephanie Russell-Kraft (October 9, 2013, 1:41 PM EDT) -- A Florida federal judge on Tuesday sent to mediation the putative class action brought by disgruntled shareholders alleging a Hooters franchisee lied about its South African restaurants' financial statements being audited before an ill-fated $10.1 million initial public offering.

Chief Magistrate Judge Barry S. Seltzer of the Southern District of Florida signed the mediation order in the dispute between shareholders and Chanticleer Holdings Inc., requiring all parties to agree on a mediator within 14 days.

The shareholders allege that Chanticleer, which operates four Hooters restaurants in South Africa and one in Australia, made false statements about audits of its South African...

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