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AAC.US
id: 790

AAC Holdings, Inc. (AAC) $3.75M Investor Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.
M.D. Tennessee
Court
3:19-cv-00407
Case number
08 Mar 2017
Class period Start
15 Apr 2019
Class period End
24 Nov 2023
Claim deadline
AAC 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:
  1. 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;
  2. 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;
  3. 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
Payout per Share
0.18
Filing date
16 May 2019
Plaintiffs
Indiana Public Retirement System
Attorneys
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
Trades matching type
FIFO
+$3,750,000
Total Settlement Amount

AAC Holdings Inc

American Addiction Centers (also known as AAC) is a Brentwood, Tennessee-based healthcare facilities and services company providing treatment for substance use disorders and mental health disorders...

    Ticker
    AAC.US
    Sector
    Healthcare
    Industry
    Medical Care Facilities
    Country
    USA
    Address
    Brentwood, Tennessee