BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of American Renal Associates Holdings, Inc. investors (“American Renal” or the “Company”) (NYSE: ARA) concerning the Company and its officers’ possible violations of federal securities laws.
On March 8, 2019, American Renal announced the postponement of the release of its fourth quarter and year-end 2018 earnings report, as well as the filing of their 2018 Form 10-K. Previously, the SEC had requested in October 2018 that the Company provide documentation and information regarding revenue recognition, collections, and other related matters. As a result of this SEC request, American Renal formed an Audit Committee that has been examining the Company’s revenue recognition methods and accounting practices. Due to this internal investigation by the Audit Committee and the impact the information found would potentially have on these pending earning reports, the Company has delayed the filing of their 2018 Form 10-K and announced possible further adjustments for their previously reported fiscal years ranging from 2014 to 2017, as well as the still delayed fiscal report for 2018.
On this news, shares of American Renal fell $2.05 per share, or over 16%, to close at $10.46 on March 8, 2019, thereby injuring investors.
If you purchased American Renal securities, have information or would like to learn more about these claims, or 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 howardsmith@howardsmithlaw.com, 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.