SAN DIEGO & BRENTWOOD, Tenn.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of AAC Holdings, Inc. (NYSE: AAC) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between March 8, 2017 and April 15, 2019. AAC Holdings provides inpatient and outpatient substance use treatment services for individuals with drug addition, alcohol addiction, and co-occurring mental/behavioral health issues in the United States.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/aac-holdings-may-19/
AAC Accused of Misleading Investors
According to the complaint, since 2017, AAC had attested to the accuracy of its filings. However, AAC failed to disclose that its internal controls over financial reporting and disclosure controls and procedures were inadequate to accurately reflect adjustments related to estimates for accounts receivable, provision for doubtful accounts, and revenue. In April 2019, AAC issued a press release announcing that its annual reports for previous years, as well as all quarterly reports, could no longer be relied on. On this news, AAC’s stock price fell $0.40 per share, or over 18%, to close at $1.74 per share on April 16, 2019, and continues to decline.
AAC Holdings Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, email@example.com or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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