NEW YORK, April 3, 2019 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of American Renal Associates Holdings, Inc. ("American Renal" or the "Company") (NYSE: ARA), a company that through its subsidiaries owns and operates kidney dialysis centers. A complaint has been filed in the United States District Court for the District of New Jersey against the Company and certain executives. Investors that purchased American Renal securities between August 10, 2016 and March 27, 2019, inclusive (the "Class Period"), may be affected.
According to the complaint, on November 9, 2018, American Renal filed a Form 10-Q with the SEC in which the Company disclosed that in October 2018, SEC staff "requested that the Company voluntarily provide documents and information relating to certain revenue recognition, collections and related matters."
Following this news, shares of American Renal fell $0.74 per share, over 4%, to close at $16.76 per share the next trading day, November 12, 2018.
On March 8, 2019, American Renal announced that it was delaying the filing of its annual report on Form 10-K for the fiscal year ended December 31, 2018, as well as the issuance of its earnings release for the fourth quarter and full year 2018. American Renal also reported that its Audit Committee review was continuing and, with the assistance of its advisors, that its Audit Committee was examining reserve computations and other accounting practices that could have an impact on accounts receivable and revenue for fiscal year 2018, as well as previously reported fiscal years from 2014 through 2017.
Following this news, American Renal's shares fell $2.05 per share, about 16.4%, to close at $10.46 per share on March 8, 2019.
Then, on March 27, 2019, after the market closed, the Company announced the resignation of its CFO, and that American Renal would restate its financial results for the fiscal years ended December 31, 2014 through December 31, 2018.
Following this news, shares of American Renal fell $3.69 per share, or 38%, to close at $6.01 per share on March 28, 2019.
If you are a member of the proposed Class, you may move the court no later than May 28, 2019 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing email@example.com or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Fax: (212) 687-7714
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
Fax: (415) 772-4707
SOURCE Kaplan Fox & Kilsheimer LLP