BIRMINGHAM, Ala., Sept. 26, 2012 (GLOBE NEWSWIRE) -- Burke Harvey & Frankowski LLC ("BHF") announces the commencement of an investigation into Assisted Living Concepts, Inc., ("ALC" or the "Company") to determine whether it has violated securities laws by issuing false and misleading statements to its shareholders.
ALC and its subsidiaries operate licensed assisted living and senior living facilities. In January of 2008, ALC acquired eight facilities from Ventas Reality Limited Partnership. Under the terms of this lease, ALC was obligated to maintain an occupancy rate of at least 82% and to maintain all regulatory licenses required to operate the leased facilities. It was later revealed that ALC was in breach of the Ventas Lease's minimum occupancy requirements, and state regulators in Georgia and Alabama both served notices of their intent to revoke licenses for three of the facilities leased from Ventas. When this information became public, the price of ALC shares declined precipitously. We are investigating whether ALC issued false and misleading statements and omitted material information to the investing public in connection with the Company's compliance with the Ventas Lease.
What You Can Do
If you are an Assisted Living Concepts, Inc. shareholder who purchased ALC common stock between March 12, 2011 and August 6, 2012, you may have legal claims under the securities laws. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Richard Frankowski via email at rfrankowski@bhflegal.com or via toll-free telephone at (888) 930-9091. There is no cost to you.
About Burke Harvey & Frankowski LLC
Burke Harvey & Frankowski LLC, is a Birmingham, Alabama law firm that among other things dedicates its practice to the representation of shareholders and investors in litigation, including shareholder class actions, derivative litigation and FINRA arbitrations. More information about the firm is available through its website, www.bhflegal.com and upon request from the firm. Burke Harvey & Frankowski LLC has paid for the dissemination of this promotional communication and is responsible for its content.
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