NEW YORK, NY - September 18, 2025 (NEWMEDIAWIRE) - Kaplan Fox & Kilsheimer LLP is investigating potential securities violations against RCI Hospitality Holdings, Inc. (“RCI” or the “Company”) (NASDAQ: RCI).
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RCI owns and operates night clubs offering adult entertainment, restaurants, and bar operations throughout the United States, including Rick’s Cabaret, Vivid Cabaret, and Hoops Cabaret and Sports Bar.
On September 16, 2025, the New York Attorney General (“NYAG”) announced indictments of top executives of RCI for “roles in a major, multimillion dollar criminal tax fraud and bribery scheme.” According to the NYAG, its investigation revealed that RCI executives allegedly “bribed an auditor with the New York Department of Taxation and Finance (DTF) to avoid paying over $8 million in sales taxes to New York City and the state from 2010 to 2024.” These alleged bribes included over a dozen “multi-day trips to Florida” with $5,000 per day of their in-house currency called “Dance Dollars” to be used at RCI night clubs. According to the NYAG, this alleged bribery scheme was “authorized, directed, and overseen by Eric Langan, RCI’s president and Chief Executive Officer, Bradley Chhay, RCI’s Chief Financial Officer, Ahmed Anakar, RCI’s Director of Operations, and Shaun Kevlin, a Regional Manager for RCI’s New York City strip clubs and later RCI’s Assistant Director of Nightclub Operations[.]” and resulted in favorable treatment for “at least six different sales tax audits spanning over a decade.” The charges in the indictment are merely allegations and the defendants are presumed innocent unless and until proven guilty in a court of law.
Following this news, the price of RCI stock fell $5.53 per share, over 16%, to close at $28.79 per share on September 16, 2025.
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If you have any questions about this investigation, please contact:
CONTACT:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
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New York, New York 10022
(212) 329-8571
jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
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Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com
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