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Assisted Living Concepts, Inc. ALC Securities Lawsuit

Company: Assisted Living Concepts, Inc.
Ticker Symbol: ALC
Class Period: Mar-12-11 to Aug-6-12
Date Filed: Aug-30-12
Lead Plaintiff Deadline: Oct-29-12
Court: ---
New York, NY: A securities class action lawsuit has been filed on behalf of investors who purchased common stock of Assisted Living Concepts, Inc. ("ALC" or the "Company") (NYSE:ALC) during the period between March 12, 2011 through August 6, 2012, inclusive (the "Class Period"). No class has yet been certified.

The complaint charges that pursuant to a lease signed in 2008, ALC was required to maintain an 82% occupancy rate in 8 facilities it leased from Ventas Realty, LP. In its Securities and Exchange ("SEC") filings, ALC affirmatively stated that it was in compliance with all lease covenants. Yet ALC was not maintaining an 82% occupancy rate. Rather, it was concealing its non-compliance by treating units leased to employees as bona fide leases.

ALC's audit committee announced an investigation early May of 2012, and announced the termination of its CEO on May 29, 2012. On August 7, 2012, ALC announced that the SEC was conducting an investigation of ALC. ALC announced that the investigation related in part to "leasing of units for employee use." Upon this news, ALC's stock price fell by 26.74% on heavy volume.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Assisted Living Concepts, Inc. ALC Securities Fraud Legal Help

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Published on Aug-31-12


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