The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Middle District of Tennessee on behalf of those who acquired AAC Holdings, Inc. ("AAC" or the "Company") (NYSE: AAC) securities during the period from March 8, 2017 through April 15, 2019 (the "Class Period"). Investors have until July 15, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that AAC made materially false and misleading statements and/or failed to disclose that: (i) AAC's internal control over financial reporting and disclosure controls and procedures was inadequate to accurately reflect adjustments related to estimates for accounts receivable, provision for doubtful accounts, and revenue; (ii) AAC consequently misstated financial and operating results in its annual reports for fiscal years 2016 and 2017, as well as all quarterly reports throughout 2017 and 2018; and (iii) accordingly, those reports could not be relied upon, requiring AAC to restate the financial and operating results reflected therein.
On April 16, 2019, AAC announced that certain financial statements for fiscal 2017 and 2018 could no longer be relied upon. The Company disclosed that these financial statements would be restated to reflect adjustments related to estimates for accounts receivable, provision for doubtful accounts, and revenue. On this news, shares of AAC fell $0.40 per share, approximately 18.7%, to close at $1.74 on April 16, 2019.
If you acquired AAC securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at firstname.lastname@example.org, or by filling out the contact form at the link below, to discuss your rights or interests with respect to these matters without any cost to you.