LOS ANGELES–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24AAC&src=ctag” target=”_blank”gt;$AAClt;/agt; lt;a href=”https://twitter.com/hashtag/CLASSACTION?src=hash” target=”_blank”gt;#CLASSACTIONlt;/agt;–Glancy
Prongay & Murray LLP (“GPM”), a national investors rights law
firm, announces that a class action lawsuit has been filed on behalf of
investors that acquired AAC Holdings, Inc. (“AAC Holdings” or the
“Company”) (NYSE: AAC)
securities between March 8, 2017 and April 15, 2019, inclusive
(the “Class Period”). AAC Holdings investors have until July 15, 2019 to
file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here
to participate.
If you wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire, at
310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected],
or visit our website at www.glancylaw.com.
On April 16, 2019, the Company announced that certain financial
statements for fiscal 2017 and 2018 could no longer be relied upon. The
Company disclosed 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, shares of AAC Holdings fell $0.40 per share or over 18% to
close at $1.74 per share on April 16, 2019, thereby damaging investors.
The complaint filed in this class action alleges that throughout the
Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts about
the Company’s business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: (1) the Company’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;
(2) the Company 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; (3) accordingly, those
reports could not be relied upon, requiring the Company to restate the
financial and operating results reflected therein; and (4) as a result,
the Company’s public statements were materially false and misleading at
all relevant times.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased shares of AAC Holdings during the Class Period you may
move the Court no later than July 15, 2019 to ask the
Court to appoint you as lead plaintiff. To be a member of the Class you
need not take any action at this time; you may retain counsel of your
choice or take no action and remain an absent member of the Class. If
you wish to learn more about this action, or if you have any questions
concerning this announcement or your rights or interests with respect to
these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925
Century Park East, Suite 2100, Los Angeles California 90067 at
310-201-9150, Toll-Free at 888-773-9224, by email to [email protected],
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
www.glancylaw.com
[email protected]
