Globe Newswire 12-Jul-2019 3:00 PM
NEW YORK, July 12, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against AAC Holdings, Inc. ("AAC" or the "Company") (NYSE:AAC) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired AAC securities between March 8, 2017 and April 15, 2019, both dates inclusive. Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/aac.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
AAC was founded in 2014 and is headquartered in Brentwood, Tennessee. The Company provides inpatient and outpatient substance use treatment services for individuals with drug addiction, alcohol addiction, and co-occurring mental/behavioral health issues in the United States.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, it is alleged that Defendants made false and/or misleading statements and/or failed to disclose that: (i) AAC's internal control over financial reporting and disclosure controls and procedures was inadequate to accurately reflect adjustments related to estimates for accounts receivable, provision for doubtful accounts, and revenue; (ii) AAC consequently misstated financial and operating results in its annual reports for fiscal years 2016 and 2017, as well as all quarterly reports throughout 2017 and 2018; (iii) accordingly, those reports could not be relied upon, requiring AAC to restate the financial and operating results reflected therein; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
On April 16, 2019, AAC issued a press release, appended as an exhibit to the Company's Current Report on Form 8-K filed with the SEC, announcing AAC's financial results for the fourth quarter and fiscal year ended December 31, 2018, and providing guidance for 2019 (the "April 2019 Press Release"). The April 2019 Press Release disclosed that the Company's annual reports for fiscal years 2017 and 2016, as well as all quarterly reports throughout 2017 and 2018, could no longer be relied upon, and stated that these financial statements would be restated to reflect adjustments related to estimates for accounts receivable, provision for doubtful accounts, and revenue.
On this news, AAC's stock price fell $0.40 per share, or 18.69%, to close at $1.74 per share on April 16, 2019.
If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/aac or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in AAC you have until July 15, 2019 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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