Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the October 29, 2012 deadline to move for appointment as lead plaintiff in the securities class action against Assisted Living Concepts, Inc. (“ALC” or the “Company”) (NYSE: ALC), brought on behalf of all persons who purchased the Class A common stock of ALC between March 12, 2011 and August 6, 2012, inclusive (the “Class Period”).
If you purchased the Class A common stock of ALC during the Class Period, you may move the Court for appointment as lead plaintiff by no later than October 29, 2012. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
ALC shareholders who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon Lee of Lieff Cabraser toll-free at 1 (800) 541-7358.
The complaint alleges that during the Class Period, defendants misrepresented and/or failed to disclose that ALC was not in compliance with its obligations under a lease agreement with Ventas Realty, Limited Partnership (“Ventas”) covering eight assisted living facilities operated by the Company. ALC allegedly failed to maintain minimum occupancy rates and concealed this fact by counting units leased to employees as rentals by third parties.In May 2012, ALC disclosed for the first time that Ventas brought an action against ALC in April 2012 alleging breaches of their lease agreement. ALC also disclosed that the audit committee of its board of directors launched an investigation after receiving an internal whistleblower complaint concerning “possible irregularities in connection with” the lease with Ventas.