On or around 08/21/2019 (Ongoing date of last review)
Filing Date: May 16, 2019
According to the Complaint, AAC provides inpatient and outpatient substance use treatment services for individuals with drug addiction, alcohol addiction, and co-occurring mental/behavioral health issues in the United States.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, the Complaint alleges that Defendants made false and/or 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; (iii) accordingly, those reports could not be relied upon, requiring AAC to restate the financial and operating results reflected therein; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On August 13, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel.
Company & Securities Information
Defendant: AAC Holdings, Inc.
Industry: Healthcare Facilities
Headquarters: United States
Ticker Symbol: AAC
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
David Brown Caudle, et al. v. AAC Holdings, Inc., et al.