Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against AAC Holdings, Inc.
LOS ANGELES--(BUSINESS WIRE)--May 24, 2019--
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming July 15, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of AAC Holdings, Inc. (“AAC Holdings” or the “Company”) (NYSE: AAC ) investors who purchased securities between March 8, 2017 and April 15, 2019, inclusive (the “Class Period”).
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 firstname.lastname@example.org, 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.
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If you purchased or otherwise acquired AAC Holdings securities during the Class Period you may move the Court no later than July 15, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. 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 the pending class action lawsuit, 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@example.com, 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.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20190524005465/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
Copyright Business Wire 2019.
PUB: 05/24/2019 07:44 PM/DISC: 05/24/2019 07:44 PM