AAC Holdings, Inc.
| Company Name | AAC Holdings, Inc. |
| Stock Symbol | AAC |
| Class Period | March 08, 2017 to April 15, 2019 |
| Lead Plaintiff Motion Deadline | July 15, 2019 |
On April 16, 2019, the Company announced that certain financial statements for fiscal 2017 and 2018 could no longer be relied upon. The Company disclosed that these financial statements would be restated to reflect adjustments related to estimates for accounts receivable, provision for doubtful accounts, and revenue.
On this news, shares of AAC Holdings fell $0.40 per share or over 18% to close at $1.74 per share on April 16, 2019, thereby damaging investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) the Company’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) the Company 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) accordingly, those reports could not be relied upon, requiring the Company to restate the financial and operating results reflected therein; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
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