NEW YORK–(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;–The law firm of Kirby
McInerney LLP announces that a class action lawsuit has been filed
in the U.S. District Court for the Middle District of Tennessee on
behalf of those who acquired AAC Holdings, Inc. (“AAC” or the “Company”)
(NYSE: AAC)
securities during the period from March 8, 2017 through April 15, 2019
(the “Class Period”). Investors have until July 15, 2019 to apply to the
Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that AAC made materially false and 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; and (iii) accordingly, those reports could not
be relied upon, requiring AAC to restate the financial and operating
results reflected therein.
On April 16, 2019, AAC 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 fell $0.40
per share, approximately 18.7%, to close at $1.74 on April 16, 2019.
If you acquired AAC securities during the Class Period, have
information, or would like to learn more about these claims, please
contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at [email protected],
or by filling out this
contact form, to discuss your rights or interests with respect to
these matters without any cost to you.
Kirby
McInerney is a New York-based plaintiffs’ law firm concentrating in
securities, antitrust, and whistleblower litigation. The firm’s efforts
on behalf of shareholders in securities litigation have resulted in
recoveries totaling billions of dollars. Additional information about
the firm can be found at Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600
[email protected]
www.kmllp.com
