Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Assisted Living Concepts, Inc.
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Eastern District of Wisconsin on behalf of all persons or entities that purchased the securities of Assisted Living Concepts, Inc. (“ALC” or the “Company”) (NYSE: ALC) between March 12, 2011 and August 6, 2012, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers and directors (the “Complaint”).
If you purchased shares of ALC during the Class Period and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/assisted-living-concepts-inc-alc.
ALC, a Nevada corporation headquartered in Menomonee, Wisconsin, and its subsidiaries operate 211 senior living residences in 20 states in the United States. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business operations, financial condition and prospects. Specifically, the Complaint alleges that the Company was in breach of the terms of its lease with Ventas Realty, Limited Partnership (“Ventas”). As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, in January 2008, ALC acquired eight facilities leased from Ventas. Under the terms of the lease with Ventas (the “Ventas Lease”), ALC was obligated to maintain an overall occupancy rate of at least 82%. In addition, the Ventas Lease required ALC to maintain all regulatory licenses required to operate the leased facilities for their intended use. In its quarterly and annual filing with the U.S. Securities and Exchange Commission (“SEC”), the Company stated that it was in compliance with all occupancy and operating covenants under the Ventas Lease, and it acknowledged that any default under the “operating and occupancy covenants” in such lease “could have a material adverse impact on our operations.”
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