SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Johnson & Weaver, LLP has commenced an investigation into whether certain officers and directors of AAC Holdings, Inc. (NYSE:AAC) violated state or federal laws.
On March 3, 2015, Seeking Alpha issued a report titled “American Addiction Centers: Addicted To Fraudulent Drug Testing?”.
In this article, Seeking Alpha stated that “AAC Holdings, also known as American Addiction Centers, is likely to fall by at least 50%, as its inappropriate insurance billing scheme comes unraveled. Due diligence reveals that AAC subsidiaries are testing their clients 6-12x more frequently than necessary and are then running unnecessary confirmatory tests which are then billed to insurance companies.” The article further stated that “the company is already the subject of one lawsuit (in New Jersey) alleging fraudulent billing with respect to excessive urine testing. While AAC has exited New Jersey, the same practices are still going on in other states.” On the news, AAC stock closed down over 10% to close at $30.73 on March 3, 2015.
Johnson & Weaver’s investigation will seek to determine whether shareholders were harmed by fraud and deception as the Seeking Alpha author claims.
If you have information that could assist in this investigation, or if you are an AAC shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (firstname.lastname@example.org) by email or by phone at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.