BOSTON, Oct. 19, 2015 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, reminds investors of the upcoming deadline in the pending securities litigation against AAC Holdings, Inc. (“AAC” or the “Company”) (NYSE:AAC) and certain of its officers and directors, for violations of the Federal Securities Laws.
Block & Leviton filed the first case against the Company, which is pending in the United District Court for the Middle District of Tennessee, Case Number 3:15-cv-00923. If you have questions about the lawsuit, possess information relevant to this investigation, or seek information about any of the foregoing, please contact attorney Steven Harte, at (617) 398-5600 or email him at Steven@blockesq.com. The Complaint was brought on behalf of all investors who purchased or otherwise acquired AAC’s securities (the “Class”) between October 2, 2014 and August 3, 2015 (the “Class Period”).
The action seeks to recover damages on behalf of all Class members. If you are a shareholder who purchased securities of AAC between October 2, 2014 and August 3, 2015, you have until October 23, 2015 to seek appointment as a lead plaintiff in this action. This deadline is mandated by federal law and cannot be extended. Your ability to share in any recovery is not, however, affected by the decision to serve or seek appointment as lead plaintiff.
The Complaint alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose material information, including with respect to legal proceedings brought against a subsidiary of the Company and some of its now former employees, including its President at the time Jerrod N. Menz. On August 3, 2015, the Company revealed that second degree murder and dependent adult abuse indictments had been brought in California. This news caused AAC’s share price to drop substantially, harming investors. The drop in the days following the disclosure of the indictments equaled approximately $153 million, or 49%, of AAC’s value. Both investors who disposed of their AAC securities following the disclosures as well as those who have retained their interests are expected to be eligible for participation in the litigation.
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