LAWSUITS NEWS & LEGAL INFORMATION
Assisted Living Concepts, Inc. ALC Securities Lawsuit
|Company:||Assisted Living Concepts, Inc.|
|Class Period:||Mar-12-11 to Aug-6-12|
|Lead Plaintiff Deadline:||Oct-29-12|
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 HelpIf you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Assisted Living Concepts, Inc. securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.
Published on Aug-31-12
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