BOSTON, Aug. 24, 2015 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, has filed a class action lawsuit alleging violations of the federal securities laws against AAC Holdings, Inc. ("AAC" or the "Company") (NYSE: AAC) and certain of its current and former officers and directors.
The case is pending in the United District Court for the Middle District of Tennessee, No. 3:15-cv-00923. The Complaint was brought on behalf of all investors who purchased or otherwise acquired AAC's securities (the "Class") between October 2, 2014 and August 3, 2015 (the "Class Period").
The Complaint alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose material information, including with respect to legal proceedings brought against subsidiaries of the Company and several former and one current employees, including its President at the time, Jerrod N. Menz. On August 3, 2015, the Company revealed that second degree murder and dependent adult abuse indictments had been brought in California. This news caused AAC's share price to drop substantially, harming investors. The drop in the days following the disclosure of the indictments equaled approximately $153 million in market capitalization losses, or 39%, of AAC's value.
The lawsuit seeks to recover damages on behalf of all Class members. If you are a shareholder who purchased securities of AAC during the Class Period, you have until October 23, 2015 to seek appointment as a lead plaintiff in this action. This deadline is mandated by federal law and cannot be extended. Your ability to share in any recovery is not, however, affected by the decision to serve or seek appointment as lead plaintiff. You may also retain counsel of your choice and you need not take any action at this time to be a class member.
If you have questions about the lawsuit, would like a copy of the Complaint, or possess information relevant to this investigation, please contact attorney Steven Harte, Esq. at (617) 398-5600 or email him at Steven@blockesq.com. Block & Leviton is also experienced at representing whistleblowers and encourages any insiders with information about the allegations to contact them. Confidentiality is assured.
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BLOCK & LEVITON LLP
Steven Harte, Esq.
SOURCE Block & Leviton LLP