Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased AAC Holdings, Inc. (AAC Holdings or the Company) (NYSE: AAC) securities between March 8, 2017 and April 15, 2019, inclusive (the Class Period). AAC Holdings investors have until July 15, 2019 to file a lead plaintiff motion.
Investors suffering losses on their AAC Holdings investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On April 16, 2019, the Company 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 Holdings fell $0.40 per share or over 18% to close at $1.74 per share on April 16, 2019, thereby damaging investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) the Companys 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; (2) the Company 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; (3) accordingly, those reports could not be relied upon, requiring the Company to restate the financial and operating results reflected therein; and (4) as a result, the Companys public statements were materially false and misleading at all relevant times.
If you purchased shares of AAC Holdings 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 [email protected], or visit our website at www.howardsmithlaw.com.
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