INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against American Renal Assoc...
May 09 2019 - 7:00PM
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
District of New Jersey on behalf of those who acquired American
Renal Associates Holdings, Inc. (“American Renal” or the “Company”)
(NYSE: ARA) securities during the period from August 10, 2016
through March 27, 2019 (the “Class Period”). Investors have until
May 28, 2019 to apply to the Court to be appointed as lead
plaintiff in the lawsuit.
The lawsuit alleges that American Renal failed to disclose to
investors that: (i) issues with American Renal’s accounting process
for revenue recognition, collections, and related matters would
give rise to an SEC investigation into the same, and increased
regulatory scrutiny by the SEC; (ii) American Renal’s financial
statements for the fiscal years 2014, 2015, 2016, and 2017
contained in its Annual Reports for the years ended December 31,
2016 and 2017, and its condensed and consolidated financial
statements in quarterly reports from 2016 through 2018 were false
and could not be relied upon; and (iii) American Renal had material
weaknesses in its internal control over financial reporting.
On March 8, 2019, American Renal disclosed that it was delaying
the filing of its fiscal 2019 Annual Report and that the Company’s
Audit Committee was examining the Company’s accounting practices.
On this news, American Renal’s stock price fell $2.05 per share,
approximately 16.4%, to close at $10.46 per share on March 8,
2019.
On March 27, 2019, American Renal disclosed that the Company’s
previously issued financial statements for fiscal years 2014
through 2017 “should be restated and should no longer be relied
upon,” and that the Company’s Chief Financial Officer had resigned
effective March 26, 2019. On this news, American Renal’s stock
price fell $3.69 per share, approximately 38%, to close at $6.01
per share on March 28, 2019.
If you acquired American Renal 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190509005978/en/
Kirby McInerney LLPThomas W. Elrod, Esq., (212)
371-6600investigations@kmllp.comwww.kmllp.com
American Renal Associates (NYSE:ARA)
Historical Stock Chart
From Aug 2024 to Sep 2024
American Renal Associates (NYSE:ARA)
Historical Stock Chart
From Sep 2023 to Sep 2024