SOURCE: Shareholders Foundation

Shareholders Foundation

September 10, 2012 09:35 ET

Assisted Living Concepts, Inc. (ALC) Investor Lawsuit Over Alleged Securities Laws Violations Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Sep 10, 2012) - The Shareholders Foundation, Inc. announces that a lawsuit was filed by an investor in shares of Assisted Living Concepts, Inc. (ALC) shares over alleged securities laws violations by Assisted Living Concepts, Inc. and its former Chief Executive Officer in connection with certain financial statements.

Investors who purchased shares of Assisted Living Concepts, Inc. (ALC) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The plaintiff alleges that the defendants issued allegedly materially false and misleading statements, and omitted allegedly material information over 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 was obligated to maintain specified occupancy rates and insure all regulatory licenses remained in good standing and that in its quarterly and annual SEC filings, Assisted Living Concepts, Inc. confirmed its compliance with these obligations.

However, on May 4, 2012 Assisted Living Concepts said in a statement that its Board of Directors determined to investigate possible irregularities in connection with the Company's lease with Ventas Realty LP, the landlord for eight assisted living facilities operated by Assisted Living Concepts, and retained counsel for such purpose.

Then on August 7, 2012, Assisted Living Concepts said that 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.

Those who purchased shares of Assisted Living Concepts, have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108