ATLANTA, GA--(Marketwire -08/30/12)- A class action lawsuit has been filed on behalf of investors who purchased shares of Assisted Living Concepts ("ALC" or the "Company") (ALC) between March 12, 2011 and August 6, 2012, inclusive (the "Class Period"). The lawsuit, which was filed in the United States District Court for the Eastern District of Wisconsin, alleges ALC issued statements throughout the Class Period that were materially false and misleading at the time they were made. Specifically, the suit alleges, among other things, that ALC overstated rental rates by improperly treating units leased to employees as bona fide residents in order to comply with minimum occupancy requirements imposed by its landlord for certain properties. The Company recently settled a lawsuit brought by the landlord for $19.5 million, and the SEC recently announced it was investigating, among other things, ALC's compliance with its occupancy covenants.
If you purchased Assisted Living common stock between March 12, 2011 and August 6, 2012, you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made no later than October 29, 2012. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Investors who are interested in serving as lead plaintiff or who have questions concerning their legal rights may contact Michael I. Fistel, Jr., Esq. (firstname.lastname@example.org) or Marshall P. Dees, Esq. (email@example.com) by email or via toll-free telephone at (888) 508-6832.
Holzer Holzer & Fistel, LLC dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com and upon request from the firm. Holzer Holzer & Fistel, LLC has paid for the dissemination of this promotional communication, and Michael I. Fistel, Jr. is the attorney responsible for its content.