NEW YORK, April 18, 2013 /PRNewswire/ -- Levi & Korsinsky is investigating potential claims on behalf of purchasers of AdCare Health Systems, Inc. ("AdCare" or the "Company") (NYSE/AMEX: ADK) securities concerning possible violations of securities laws.
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.
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.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.com