Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in AAC Holdings (NYSE:AAC) in connection to alleged securities law violations by AAC. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in AAC Holdings between March 8, 2017 through April 15, 2019.
The class action complaint specifically alleges that during the period in question, AAC provided false and/or misleading material information and/or failed to disclose adverse material information to the public, chiefly: that the company did not have effective controls governing its financial reporting and disclosures, causing it to inaccurately reflect adjustments concerning estimates for accounts receivable, provision for doubtful accounts, and revenue; that as a result the company made erroneous statements regarding its financial and operational results in annual reports for FY2016 and FY2017; that the company also made erroneous statements regarding financial and operational results in quarterly reports in 2017 and 2018; that as a result, these reports were unreliable, and the company consequently had to revise its results; and that consequently the company’s statements to the public during the relevant period were false and misleading. The complaint alleges that when true facts emerged, investors suffered losses.
According to the company’s website, AAC Holdings, also known as American Addiction Centers, describes itself as a provider of services for the treatment of inpatient substance abuse. The company is involved in the treatment of adult patients experiencing addiction to drugs and alcohol, as well as “co-occurring mental/behavioral health issues.” The company offers drug addiction treatment programs, dual diagnosis treatment curricula, system family intervention services, and drug recovery aftercare. The company trades on the New York Stock Exchange under the symbol AAC.
A class action lawsuit has already been filed in connection with AAC Holdings. If you wish to serve as lead plaintiff in the AAC lawsuit, you must move the Court no later than July 15, 2019. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.