San Diego, CA -- (ReleaseWire) -- 10/03/2012 -- A deadline is coming up on October 29, 2012 in the lawsuit filed for investors of Assisted Living Concepts, Inc. (NYSE:ALC) over alleged securities laws violations by Assisted Living Concepts, Inc. in connection with certain allegedly false and misleading statements.
Investors with a substantial investment in Assisted Living Concepts, Inc. (NYSE:ALC) shares between March 12, 2011 and August 6, 2012, should get active before the Deadline that is coming up on October 29, 2012, and NYSE:ALC investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the the U.S. District Court for the Eastern District of Wisconsin the plaintiff alleges on behalf of purchasers of Assisted Living Concepts, Inc. (NYSE:ALC)Class A common stock during the period between March 12, 2011 and August 6, 2012, that Assisted Living Concepts, Inc. and its former Chief Executive Officer violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements, and omitting allegedly material information its compliance with its obligations under a lease covering eight assisted living facilities operated by Assisted Living Concepts, Inc.
The plaintiff says that Under the terms of the lease, Assisted Living Concepts, Inc.was obligated to maintain specified occupancy rates and insure all regulatory licenses remained in good standing and in its quarterly and annual United States Securities and Exchange Commission ( “SEC”) filings, Assisted Living Concepts, Inc. confirmed its compliance with these obligations.
However, on May 4, 2012 Assisted Living Concepts, Inc said in a statement that on May 3, 2012 its Board of Directors determined to investigate possible irregularities in connection with the Company’s lease with Ventas Realty, Limited Partnership, the landlord for eight assisted living facilities operated by Assisted Living Concepts, and retained counsel for such purpose.
On August 7, 2012, Assisted Living Concepts, Inc said that on August 2, 2012, it was informed by SEC that the SEC staff is conducting an investigation relating to the Company and as part of this investigation, the SEC issued a subpoena to the Company.
NYSE:ALC shares fell from over $19 in May 2012 to as low as $7.01 per share in August 2012.
On October 1, 2012, NYSE:ALC shares $8.758 per share, significantly below its current 52 week High of $20.33 per share.
Those who purchased shares of Assisted Living Concepts, Inc. (NYSE:ALC), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego