WASHINGTON–(BUSINESS WIRE)–Cohen
Milstein Sellers & Toll PLLC is conducting an investigation to
determine whether American Renal Associates Holdings, Inc. (“ARA” or the
“Company”) and certain of its officers and directors made false and
misleading statements and/or omissions in violation of Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the
District of New Jersey by another law firm on behalf of purchasers of
the common stock of American Renal Associates Holdings, Inc. (NYSE: ARA)
between August 10, 2016 and March 27, 2019 inclusive (the “Class
Period”).
The complaint alleges that ARA and certain of its officers and directors
(“Defendants”) misrepresented and/or failed to disclose: (1) issues with
ARA’s accounting process for revenue recognition, collections, and
related matters would give rise to an SEC investigation into the same,
and increased regulatory scrutiny by the SEC; (2) ARA’s financial
statements for the fiscal years 2014, 2015, 2016, and 2017 contained in
its Annual Reports for the years ended December 31, 2016 and 2017, and
its condensed consolidated financial statements in quarterly reports
from 2016 through 2018, were false and could not be relied upon; (3) ARA
had material weaknesses in its internal control over financial
reporting; and (4) as a result, Defendants’ public statements were
materially false and misleading at all relevant times.
On March 8, 2019, ARA announced a delay in filing its 2018 Form 10-K,
citing an examination of reserve computations and other accounting
practices. The price of ARA shares fell from $12.51 on March 7, 2019 to
$10.46 on March 8, 2019.
On March 27, 2019, ARA announced the resignation of its Chief Financial
Officer and that it would restate its financials for fiscal years 2014
through 2017. The Company further noted that its investigation into
accounting procedures continued. ARA fell from $9.70 on March 27, 2019
to $6.01 on March 28, 2019.
Cohen Milstein encourages all investors who purchased ARA common stock
between August 10, 2016 and March 27, 2019, or former employees with
information concerning this matter to contact the firm.
If you are an ARA shareholder and would like to discuss your right to
recover for your economic loss, you may, without any cost or obligation,
call Cohen Milstein’s Managing Partner, Steven
J. Toll at (888) 240-0775 or (202) 408-4600, or email him at [email protected].
If you wish to serve as lead plaintiff, you must move the Court no later
than May 28, 2019 to request appointment. Any member of the proposed
class may retain Cohen Milstein or other attorneys to serve as your
counsel in this action, or you may do nothing and remain an absent class
member.
Cohen Milstein has significant experience in prosecuting investor class
actions and actions involving securities fraud and is active in major
litigation pending in federal and state courts throughout the nation.
Cohen Milstein has taken a lead role in numerous important cases on
behalf of defrauded investors and has been responsible for a number of
outstanding recoveries which, in the aggregate, total billions of
dollars. Prior results do not guarantee a similar outcome. For more
information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with
regard to your rights, please contact either of the following:
Steven
J. Toll, Esq.
Marie Mullins
Cohen Milstein Sellers & Toll
PLLC
1100 New York Avenue, N.W.
Fifth Floor
Washington,
D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: [email protected];
[email protected]
Attorney Advertising
Contacts
Steven
J. Toll, Esq.
Marie Mullins
Cohen Milstein Sellers & Toll
PLLC
1100 New York Avenue, N.W.
Fifth Floor
Washington,
D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: [email protected];
[email protected]
