NEW YORK, July 19, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA) ("AdCare" or the "Company") who purchased AdCare common stock between January 1, 2012 and July 8, 2013 (the "Class Period"). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether AdCare and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
In a March 13, 2013 filing, the Company announced that its Audit Committee had determined that the Company's previously issued financial statements for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 should no longer be relied upon. It was further announced that the Audit Committee had identified material weaknesses in the Company's internal controls, including weakness in the Company's ability to appropriately account for complex or non-routine transactions. On this news, the shares of AdCare fell $0.48 cents or 11.51% percent to close at $4.17 on March 13, 2013.
Then on April 15, 2013, AdCare's Chief Financial Officer, Martin Brew, resigned. The following day, the Company announced it would delay the filing of its Annual Report on Form 10-K for the year ended December 31, 2012, and the previously announced restatements of the Company's financial statements.
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
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP