WILMINGTON, Del., Nov. 16, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced that a securities fraud class action lawsuit has been filed by another law firm on behalf of investors of AAC Holdings, Inc. (NYSE:AAC) (“AAC Holdings” or the “Company”) in the U.S. District Court, Middle District of Tennessee, Case No. 3:15-cv-00923 alleging corporate misconduct and violations of securities laws.
A copy of the complaint is available from Andrews & Springer LLC. If you currently own shares of ACC Holdings and have questions about your rights or want to receive additional information and protect your investment free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/aac-class-action or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – https://www.linkedin.com/company/andrews-&-springer-llc, Twitter – http://www.twitter.com/AndrewsSpringer or Facebook - http://www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, AAC Holdings and its executives made false and misleading statements and failed to disclose material information with respect to legal proceedings brought against its own subsidiaries and several former employess and one current employee. On July 29, 2015, AAC Holdings disclosed that the California Department of Justice indicted its president Jerrod Menz, another current employee, three former employees, and two subsidiaries for murder. Menz stepped down from his role as president and board member following the news. Additionally, new reports have surfaced that additional patients have died at AAC Holdings’ facilities but have not been disclosed by the Company.
On August 4, 2015, SeekingAlpha published an article asserting that AAC Holdings had reason to know in 2013 about the criminal investigation that led to the recent murder indictment, yet did not disclose the criminal investigation to investors in its U.S. Securities & Exchange Commission filings. On this news, AAC Holdings stock fell $12.90 per share, or over 39%, to close at $19.89 per share on August 4, 2015. As a result of the alleged fraud, shareholders have suffered millions in losses.
As a result of the foregoing news, on August 24, 2015, an AAC Holdings shareholder represented by another law firm filed a class action complaint against AAC Holdings for securities fraud. The complaint was filed in the United States District Court, Middle District of Tennessee, Case No. 3:15-cv-00923.
If you currently own shares of AAC Holdings and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/aac-class-action or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – https://www.linkedin.com/company/andrews-&-springer-llc, Twitter – http://www.twitter.com/AndrewsSpringer or Facebook - http://www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.