This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Bronstein, Gewirtz & Grossman, LLC Announces Investigation Of Assisted Living Concepts Inc.

Stocks in this article: ALC

NEW YORK, Aug. 13, 2012 /PRNewswire/ -- Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Assisted Living Concepts Inc. ("Assisted Living" or the "Company") (NYSE: ALC), who purchased shares during the period between July 10, 2009 and August 7, 2012, inclusive (the "Class Period"), concerning whether the company and certain of its officers and directors have violated federal securities laws. 

On May 4, 2012, shares of Assisted Living fell $2.37 or 12% to close at $16.80 after Company announced it was retaining counsel to investigate "possible irregularities" in connection with its lease with Ventas Realty, Limited Partnership ("Ventas Realty"), the landlord for eight assisted living facilities operated by Assisted Living. The Company also revealed that Ventas Realty commenced a lawsuit against it on April 26, 2012 in the United States District Court for the Northern District of Illinois seeking a declaratory judgment that Assisted Living has breached its obligations under the building lease and forfeited its right to possession. Specifically, Ventas Realty alleges that Assisted Living's receipt of notices of intent to revoke permits from state regulators with respect to its licenses to operate three assisted living facilities in Georgia and Alabama subject to the lease constitutes a violation of the lease. 

Then on August 7, 2012, Assisted Living disclosed in a regulatory filing that on August 2, 2012, the SEC is conducting an inquiry linked to the company and had issued a subpoena requiring the Company to produce documents on topics such as compliance with occupancy covenants in the lease with Ventas Realty and leasing of units for employee use. On August 7, 2012, shares of the Company fell 26.74% to close at $7.89 per share on extremely heavy trading volume.

If you are aware of any facts relating to this investigation, or purchased shares of Assisted Living, you can assist this investigation by contacting either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC, at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. 

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique.  Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients.  In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs