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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Assisted Living Concepts, Inc.

Stocks in this article: ALC

Ryan & Maniskas, LLP ( www.rmclasslaw.com/cases/alc) announces that a class action lawsuit has been filed in 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”).

For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/alc

The complaint charges ALC and its former Chief Executive Officer with violations of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements, and omitted material information concerning ALC’s compliance with its obligations under a lease covering eight assisted living facilities operated by ALC. Under the terms of the lease, ALC was obligated to maintain specified occupancy rates and insure all regulatory licenses remained in good standing. In its quarterly and annual SEC filings, ALC confirmed its compliance with these obligations.

Additionally, ALC failed to maintain the specified occupancy rates and concealed this fact by treating units leased to employees as bona fide rentals. Also undisclosed to investors until revealed in a lawsuit filed by the landlord, state regulators in Georgia and Alabama served notices in February and March 2012 of their intent to revoke licenses for three of the facilities, further violating the lease.

In early May 2012, the audit committee of ALC’s board of directors launched an investigation after receiving an internal whistleblower complaint concerning “possible irregularities in connection with” the lease, and on June 21, 2012, ALC settled with the landlord, causing ALC to incur a net loss of $19.5 million for the first six months of 2012 – an amount close to ALC’s entire net income in 2011.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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