BENSALEM, Pa.–(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;–Law Offices of Howard G. Smith reminds investors of the upcoming July
15, 2019 deadline to file a lead plaintiff motion in the class
action filed on behalf of investors who purchased AAC Holdings, Inc. (“AAC
Holdings” or the “Company”) (NYSE: AAC)
securities between March 8, 2017 and April 15, 2019, inclusive
(the “Class Period”).
Investors suffering losses on their AAC Holdings investments are
encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights in this class action at 888-638-4847 or by email to [email protected].
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.
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 if you meet certain legal
requirements. To be a member of the class action 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 action. If you wish
to learn more about this class action, or if you have any questions
concerning this announcement or your rights or interests with respect to
these matters, please contact Howard G. Smith, Esquire, of Law Offices
of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by
email to [email protected],
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
