LOS ANGELES, July 15, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against AAC Holdings, Inc. (“AAC” or “the Company”) (NYSE: AAC) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between March 8, 2017 and April 15, 2019, inclusive (the ''Class Period''), are encouraged to contact the firm before July 15, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. AAC failed to maintain adequate controls on financial reporting. Additionally, disclose controls were insufficient to accurately show adjustments to estimates of accounts receivable, provision for doubtful accounts, and revenues. Based at least in part on these inadequate controls, the Company misstated its financial results in the annual reports for fiscal years 2016 and 2017, as well as all quarterly reports throughout 2017 and 2018. AAC was ultimately forced to restate its financial and operating results for these periods. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about AAC, investors suffered damages.
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