NEW YORK, Aug. 31, 2012 /PRNewswire/ -- Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Assisted Living Concepts Inc. ("Assisted Living" or the "Company") (NYSE: ALC -News), who purchased shares during the period between March 12, 2011 through August 6, 2012, inclusive (the "Class Period"), concerning whether the company and certain of its officers and directors have violated federal securities laws.
On May 4, 2012, shares of Assisted Living fell $2.37 or 12% to close at $16.80 after Company announced it was retaining counsel to investigate "possible irregularities" in connection with its lease with Ventas Realty, Limited Partnership ("Ventas Realty"), the landlord for eight assisted living facilities operated by Assisted Living. The Company also revealed that Ventas Realty commenced a lawsuit against it on April 26, 2012 in the United States District Court for the Northern District of Illinois seeking a declaratory judgment that Assisted Living has breached its obligations under the building lease and forfeited its right to possession. Specifically, Ventas Realty alleges that Assisted Living's receipt of notices of intent to revoke permits from state regulators with respect to its licenses to operate three assisted living facilities in Georgia and Alabama subject to the lease constitutes a violation of the lease.
Then on August 7, 2012, Assisted Living disclosed in a regulatory filing that on August 2, 2012, the SEC is conducting an inquiry linked to the company and had issued a subpoena requiring the Company to produce documents on topics such as compliance with occupancy covenants in the lease with Ventas Realty and leasing of units for employee use. On August 7, 2012, shares of the Company fell 26.74% to close at $7.89 per share on extremely heavy trading volume.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. October 29, 2012, is the deadline for investors to seek a lead plaintiff appointment.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman, 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC