AAC Holdings, Inc. (NYSE: AAC) Investor Securities Class Action Lawsuit 05/16/2019

If you purchased a significant amount of shares of AAC Holdings, Inc. (NYSE: AAC) between March 8, 2017 and April 15, 2019, and / or if you purchased any NYSE: AAC shares prior to March 2017 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: July 15, 2019. NYSE: AAC investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
AAC Holdings
Case Name: 
AAC Holdings Shareholder Class Action Lawsuit 05/16/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: AAC
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/16/2019
Class Period Begin: 
03/08/2017
Class Period End: 
04/15/2019
Court of Filing: 
U.S. District Court for the Middle District of Tennessee
Deadline To File for Lead: 
07/15/2019
Summary: 

An investor in shares of AAC Holdings, Inc. (NYSE: AAC) filed a lawsuit in the U.S. District Court for the United States District Court, for the Middle District of Tennessee over alleged violations of Federal Securities Laws by AAC Holdings, Inc. in connection with certain allegedly false and misleading statements made between March 8, 2017 and April 15, 2019.

Brentwood, TN based AAC Holdings, Inc. provides inpatient and outpatient substance use treatment services for individuals with drug addiction, alcohol addiction, and co-occurring mental/behavioral health issues in the United States. On April 16, 2019, AAC Holdings, Inc announced, appended as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC, its financial results for the fourth quarter and fiscal year ended December 31, 2018, and providing guidance for 2019. AAC Holdings, Inc disclosed that the Company’s annual reports for fiscal years 2017 and 2016, as well as all quarterly reports throughout 2017 and 2018, could no longer be relied upon, and stated that these financial statements would be restated to reflect adjustments related to estimates for accounts receivable, provision for doubtful accounts, and revenue.

Shares of AAC Holdings, Inc. (NYSE: AAC) declined to as low as $1.36 per share on April 23, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of AAC Holdings, Inc. (NYSE: AAC) common shares between March 8, 2017 and April 15, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between March 8, 2017 and April 15, 2019, the Defendants made false and/or misleading statements and/or failed to disclose that AAC’s 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, that AAC 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, that accordingly, those reports could not be relied upon, requiring AAC to restate the financial and operating results reflected therein, and that as a result, the Company’s public statements were materially false and misleading at all relevant times.