The law firm of Wohl & Fruchter LLP announces that it has commenced an investigation concerning possible violations of federal securities laws and breaches of fiduciary duty by officers and directors of Assisted Living Concepts, Inc. (NYSE: ALC).
On August 7, 2012, ALC disclosed that, as part of an investigation of the company, the United States Securities and Exchange Commission (SEC) has issued a subpoena requiring the company to produce documents on a number of topics, including compliance with occupancy covenants in its former lease with Ventas Realty, LP, which covered eight ALC facilities and more than 600 beds for residents. The SEC has also sought documents concerning the leasing of units for employee use.
Upon this news, ALC shares fell 30 percent during the last two trading sessions to close at $7.54 per share on August 8, 2012, representing a loss of shareholder value of over $58 million.
Persons with relevant information, and ALC shareholders with questions about this investigation, are invited to contact our Firm by calling 866 582 8140.Additional information is available on our website at: http://www.wohlfruchter.com/cases/alc About Wohl & Fruchter Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners. This release may be deemed to constitute attorney advertising.