RCI Hospitality's CEO, CFO Resign After Buying Back Shares From This Democratic Senator's Son At 50% Premium — Amid Tax Fraud, Bribery Scandals, More

Benzinga_recent_news12-01

Last week, RCI Hospitality Holdings Inc. (NASDAQ:RICK) announced that its CEO and CFO, Eric Langan and Bradley Chhay, will be stepping down, marking the latest shake-up at the company hit by ...

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(NASDAQ:RICK) announced that its CEO and CFO, Eric Langan and Bradley Chhay, will be stepping down, marking the latest shake-up at the company hit by ...</p>\n\n<a href=\"https://www.benzinga.com/markets/equities/25/12/49130653/rci-hospitalitys-ceo-cfo-resign-after-buying-back-shares-from-this-democratic-senators-son-at-50-premium-amid-tax-fraud-bribery-scandals-more\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4532","symbol_name":"文艺复兴科技持仓","start_time":0,"source_url":"https://www.benzinga.com/markets/equities/25/12/49130653/rci-hospitalitys-ceo-cfo-resign-after-buying-back-shares-from-this-democratic-senators-son-at-50-premium-amid-tax-fraud-bribery-scandals-more","article_id":"2588725226","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2025/12/01/RCI-Hospitality.jpeg?optimize=medium&dpr=2&auto=webp&width=240"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/markets/equities/25/12/49130653/rci-hospitalitys-ceo-cfo-resign-after-buying-back-shares-from-this-democratic-senators-son-at-50-premium-amid-tax-fraud-bribery-scandals-more","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2588725226","pubTimestamp":1764583140,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"RCI Hospitality Holdings announced that its CEO and CFO, Eric Langan and Bradley Chhay, will be stepping down.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4532":"文艺复兴科技持仓","BK4216":"消闲设施","BK4132":"无线电信业务","RCI":"罗杰斯通信","RICK":"Rci Hospitality","BK4209":"餐馆"},"translate_title":"RCI Hospitality首席执行官兼首席财务官在以50%溢价从这位民主党参议员的儿子手中回购股票后辞职——原因是税务欺诈、贿赂丑闻等","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RICK":1.5,"RCI":1.5},"content_text":"Last week, RCI Hospitality Holdings Inc. (NASDAQ:RICK) announced that its CEO and CFO, Eric Langan and Bradley Chhay, will be stepping down, marking the latest shake-up at the company hit by significant legal and regulatory turbulence over the past year. \nAccording to a press release issued by the company on Friday, Langan will continue to serve on its board, while naming Travis Reese and Albert Molina as interim CEO and CFO, respectively, without offering any explanation for this abrupt change. Chhay will “continue to be employed” by the company as per the release. \nThis comes just days after the company announced a massive $30 million stock buyback to acquire 821,000 shares owned by hedge fund ADW Capital Partners, L.P., which was, until recently, a major shareholder in the company.\nSee Also: ‘Big Short’ Michael Burry Doubles Down On Bear Case After Nvidia Pushes Back In Wall Street Note\nThe shares were also acquired from ADW at a considerable 50% premium, at $36.54 per share, compared to the current market price at $24.36, with $8 million being paid out in cash and $22 million in two-year seller financing at 12%.\nIt is worth noting that ADW Capital Partners is owned by Adam Wyden, the son of Sen. Ron Wyden (D-OR), a Democratic Senator from Oregon. This has led to growing speculations on social media regarding a potential further complication in the company’s current legal issues.\nNeither RCI Hospitality nor ADW Capital immediately responded to Benzinga’s request for a comment on this matter. This story will be updated as soon as we receive a response.\nEarlier this year, the adult entertainment company and five of its executives were indicted for multi-million dollar tax fraud and bribery charges, with allegations that the company had been bribing a New York state tax auditor to evade over $8 million in sales taxes.\nLast year, activist short-seller Edwin Dorsey of Bear Cave Research highlighted a destructive fire at one of RCI’s nightclub locations, while calling it “uninvestable.”\nBefore this, Dorsey had alleged raids at the company’s Houston office and New York location, saying, “Numerous law enforcement agents were both outside and within public view inside of Rick’s property, although there did not appear to be any emergency or emergency vehicles in the area.”\nThe stock is down 74.52% since its all-time high in January 2023, with a 57.61% year-to-date decline, amid mounting legal concerns. Shares were down 1.10% on Friday, following the announcement of the management change, closing at $24.36.\nRCI Hospitality does poorly across the board in Benzinga’s Edge Stock Rankings, with an unfavorable price trend in the short, medium and long terms. Click here for deeper insights into the stock, its peers and competitors.\nRead More: \nPhoto courtesy: T. 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