Hagens Berman Reminds Investors With Over $50,000 in Losses in Their Investment in AAC Holdings, Inc. (NYSE: AAC) of Securiti...
October 08 2015 - 8:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, alerts investors of the October 23, 2015 lead plaintiff
deadline in the securities fraud class action lawsuit filed against
AAC Holdings, Inc. (NYSE:AAC). If you have losses greater than
$50,000 in AAC securities during the Class Period, contact Hagens
Berman Partner Reed Kathrein, who is leading the firm’s
investigation, by calling (510) 725-3000, emailing AAC@hbsslaw.com
or visiting http://hb-securities.com/investigations/AAC.
The case was filed on behalf of shareholders who purchased AAC
securities between October 2, 2014 and August 3, 2015
inclusive.
AAC owns and operates substance abuse treatment and
rehabilitation facilities throughout the United States. The
complaint alleges that, at the time of its October 2, 2014 IPO, AAC
was concealing a pattern of patient deaths in its facilities in
California and Florida – two markets acknowledged to be essential
to the Company’s success.
On July 29, 2015 after the close of trading, AAC reported that a
grand jury in California returned an indictment asserting charges
against AAC and several current and former employees, including its
President at the time, Jerrod Menz. The Company did not
reveal that the indictment was for second-degree murder and
dependent adult abuse. Then, on August 3, 2015, the Company
disclosed that the indictments were for second-degree murder and
dependent adult abuse. On this news, AAC's stock price declined
$5.22 per share, or 14%.
The revelations were not over. On August 4, 2015, Bleecker
Street Research reported that AAC was aware of the investigation
that led to the indictment and that the Company knew of at least 8
undisclosed patient deaths in AAC facilities. AAC's common stock
price plunged in reaction to this news, falling by $12.90 per
share, or 39%. All totaled, since AAC disclosed that charges were
being brought against Menz and its California subsidiaries, AAC's
common stock price fell by $19.18 per share, or 49%. The
revelations wiped out $153 million in market capitalization.
If you were negatively impacted by over $50,000 in your
investment in AAC between October 2, 2014 and August 3, 2015
inclusive, and would like to learn more about this lawsuit and your
ability to participate as a lead plaintiff, please contact us for
your no-cost evaluation.
Whistleblowers: Persons with non-public
information regarding AAC should consider their options to help in
the investigation or take advantage of the SEC Whistleblower
program. Under the new SEC whistleblower program, whistleblowers
who provide original information may receive rewards totaling up to
30 percent of any successful recovery made by the SEC. For more
information, call Reed Kathrein at (510) 725-3000 or email
AAC@hbsslaw.com.
About Hagens Berman Hagens Berman Sobol Shapiro LLP is an
investor-rights class-action law firm headquartered in Seattle,
Washington with offices in nine cities. The firm represents
investors, whistleblowers, workers and consumers in complex
litigation. More about the firm and its successes can be found at
www.hbsslaw.com. Read the firm’s Securities Newsletter at
http://www.hb-securities.com/newsletter. The firm’s blog is located
at www.meaningfuldisclosure.com. For the latest news from Hagens
Berman, visit http://www.hbsslaw.com/newsroom or follow us on
Twitter at @ClassActionLaw.
Contact:
Reed Kathrein, (510) 725-3000
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