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ASL Reaches $12M Securities Class Action Settlement


This is a settlement for the Assisted Living Concepts, Inc. lawsuit.

New York, NY: A $12 million preliminary settlement has been reached in the securities class action lawsuit pending against Assisted Living Concepts, Inc. and its former CEO. The ALS securities class action was filed by ALC shareholders in August 2012, alleging ALC issued false and misleading statements regarding the company' financials and its compliance with state regulatory departments.

The proposed settlement, filed in the United States District Court in the Eastern District of Wisconsin on September 6, requires preliminary court approval.

Lead plaintiff in the class action, the Pension Trust Fund for Operating Engineers, has called the $12 million settlement "fair, reasonable, and adequate"in the memorandum, adding that it marks a "substantial"recovery for the class.

The number of plaintiffs in the class is estimated to be in the hundreds of thousands, as there were more than 10 million outstanding shares of ALC stock when the company was listed on the New York Stock Exchange. Assisted Living Concepts, formerly traded under the symbol ALC, was delisted after being acquired by private equity firm TPG in a transaction that closed in July 2013.

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Published on Sep-12-13


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