NEW YORK–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24ARA&src=ctag” target=”_blank”gt;$ARAlt;/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 District of New Jersey on behalf of
those who acquired American Renal Associates Holdings, Inc. (“American
Renal” or the “Company”) (NYSE: ARA)
securities during the period from August 10, 2016 through March 27, 2019
(the “Class Period”). Investors have until May 28, 2019 to apply to the
Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that American Renal failed to disclose to investors
that: (i) issues with American Renal’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; (ii) American Renal’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 and consolidated
financial statements in quarterly reports from 2016 through 2018 were
false and could not be relied upon; and (iii) American Renal had
material weaknesses in its internal control over financial reporting.
On March 8, 2019, American Renal disclosed that it was delaying the
filing of its fiscal 2019 Annual Report and that the Company’s Audit
Committee was examining the Company’s accounting practices. On this
news, American Renal’s stock price fell $2.05 per share, approximately
16.4%, to close at $10.46 per share on March 8, 2019.
On March 27, 2019, American Renal disclosed that the Company’s
previously issued financial statements for fiscal years 2014 through
2017 “should be restated and should no longer be relied upon,” and that
the Company’s Chief Financial Officer had resigned effective March 26,
2019. On this news, American Renal’s stock price fell $3.69 per share,
approximately 38%, to close at $6.01 per share on March 28, 2019.
If you acquired American Renal 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.
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.