NEW YORK, April 17, 2015 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of AAC Holdings, Inc. ("AAC Holdings" or the "Company") (NYSE: AAC). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether AAC Holdings and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On March 3, 2015, Seeking Alpha published a report which alleges, among other things, that AAC Holdings: (i) AAC is subject to a lawsuit in New Jersey brought by Blue Cross Blue Shield alleging fraudulent drug testing. (ii) In Florida, where AAC has 51% of their total beds, the FBI has begun raiding addiction centers that appear to be engaging in similar activities as AAC. (iii) AAC acquired a revenue management company from the CEO and president's spouses and then lowered their provision for doubtful accounts, boosting net income before the IPO.
On this news, shares of AAC Holdings fell $3.54 per share, to $30.73, or more than 10.32%, in intra-day trading on March 3, 2015.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP