INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against AAC Holdings, Inc. &...
18 May 2019 - 10:00AM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Middle District of Tennessee on behalf of those who acquired AAC
Holdings, Inc. (“AAC” or the “Company”) (NYSE: AAC) securities
during the period from March 8, 2017 through April 15, 2019 (the
“Class Period”). Investors have until July 15, 2019 to apply to the
Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that AAC made materially false and
misleading statements and/or failed to disclose that: (i) AAC’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; (ii) AAC 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; and (iii) accordingly, those reports could not be
relied upon, requiring AAC to restate the financial and operating
results reflected therein.
On April 16, 2019, AAC 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 fell $0.40 per share, approximately 18.7%, to
close at $1.74 on April 16, 2019.
If you acquired AAC securities during the Class Period, have
information, or would like to learn more about these claims, please
contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by
email at investigations@kmllp.com, or by filling out this contact
form, to discuss your rights or interests with respect to these
matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20190517005465/en/
Kirby McInerney LLPThomas W. Elrod, Esq., (212)
371-6600investigations@kmllp.comwww.kmllp.com
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