AAC.US
id: 790, Created by Stan Vick, Scout
AAC Holdings, Inc. (AAC) $3.75M Investor Settlement
How it works?
- Company agreed to pay compensation to its investors, to avoid further litigation
- We help you to prepare documents and file for compensation
Claim payout
M.D. Tennessee
Court3:19-cv-00407
Case number08 Mar 2017
Class period Start15 Apr 2019
Class period End24 Nov 2023
Claim deadlineAAC Holdings, Inc. (AAC) agreed to settle $3.75M with investors to avoid further litigation.
The complaint alleged that the Company and its Leaders made materially false and misleading statements regarding the Company's business, operational, and compliance policies, specifically:
- 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;
- 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;
- those reports could not be relied upon, requiring AAC to restate the financial and operating results reflected therein;
As a result, the Company's public statements were materially false and misleading at all relevant times.
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Filing date
16 May 2019
Lead plaintiff
Indiana Public Retirement System
Attorney
Robbins Geller Rudman & Dowd LLP
Defendants
Michael T. Cartwright, Kirk R. Manz, Andrew McWilliams
Judge
Hon. Eli J. Richardson
Administrator
Gilardi & Co LLC
Court hearing date
18 October 2023
Exclusion deadline
27 September 2023
Objection deadline
27 September 2023
Hearing deadline
27 September 2023
+$3,750,000
Total Settlement Amount