Cohen milstein sellers & toll pllc announces the investigation of
assisted living concepts, inc.
Washington--(business wire)--cohen milstein sellers & toll pllc is conducting an investigation to determine whether assisted living concepts, inc. (“alc” or the “company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of sections 10(b) and 20(a) of the securities exchange act of 1934. a class action lawsuit was filed in the u.s. district court for the eastern district of wisconsin by another law firm on behalf of purchasers of the common stock of assisted living concepts, inc. (nyse: alc) between march 12, 2011 and august 6, 2012, inclusive (the “class period”). the complaint alleges that alc and certain of its officers and directors (“defendants”) misrepresented and/or failed to disclose that: (1) alc was not in compliance with occupancy and operating covenants under its lease agreement with ventas realty, limited partnership, an entity from which it leased a number of assisted and independent living facilities; (2) defendants violated the minimum occupancy requirement for those facilities and concealed that fact by treating units leased to employees as bona fide rentals to third parties; and (3) as a result, defendants overstated alc’s rental rates. on may 4, 2012, alc disclosed litigation with ventas for the first time, reporting that ventas had alleged breaches of their lease agreement. alc further reported that its board of directors had begun an investigation into “possible irregularities in connection with” the ventas lease agreement. on august 7, the company disclosed that the sec had begun an investigation and had issued a subpoena requiring alc to produce documents “on a number of topics, including, among others, compliance with occupancy covenants in the now-superseded lease with ventas realty, limited partnership and leasing of units for employee use.” the price of alc shares fell from $10.77 to $7.89 on august 7. cohen milstein encourages all investors who purchased alc common stock between march 12, 2011 and august 6, 2012 or former employees with information concerning this matter to contact the firm. if you are an alc shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call cohen milstein’s managing partner, steven j. toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com. if you wish to serve as lead plaintiff, you must move the court no later than october 29, 2012 to request that the court appoint you as lead plaintiff. a lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. to be appointed lead plaintiff, the court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. any member of the proposed class may retain cohen milstein sellers & toll pllc or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member. cohen milstein sellers & toll pllc has significant experience in prosecuting investor class actions and actions involving securities fraud. the firm has offices in washington, d.c., new york, chicago, philadelphia and west palm beach, and is active in major litigation pending in federal and state courts throughout the nation. the firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. cohen milstein sellers & toll pllc has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over a billion dollars. prior results do not guarantee a similar outcome. for more information visit www.cohenmilstein.com. if you have any questions about this notice or the action, or with regard to your rights, please contact either of the following: steven j. toll, esq.cameron clarkcohen milstein sellers & toll pllc1100 new york avenue, n.w.west tower, suite 500washington, d.c. 20005telephone: (888) 240-0775 or (202) 408-4600email: stoll@cohenmilstein.com; cclark@cohenmilstein.com attorney advertising
