NEW YORK, April 17, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of AdCare Health Systems, Inc. ("AdCare" or the "Company") (NYSE MKT: ADK -News). The investigation focuses on whether the Company and its executives violated federal securities laws.
On April 16, 2013, AdCare announced that it would delay the filing of the Company's Annual Report on Form 10-K for the year ended December 31, 2012, and the previously announced restatements of the Company's financial statements for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012. As disclosed in the Company's March 13, 2013 Form 8-K, The Audit Committee of the Board of Directors (the "Audit Committee") concluded that the Company's previously issued financial statements for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 should no longer be relied upon due to errors in the financial statements which have been identified in connection with the audit of the Company's financial statements for the year ended December 31, 2012. The Audit Committee has completed its inquiry, has assisted in the correction of certain errors relating to accounting and financial matters and has identified certain material weaknesses in the Company's internal control over financial reporting. These material weaknesses include, among other things, weakness in the Company's ability to appropriately account for complex or non-routine transactions and in the quality and sufficiency of the Company's finance and accounting resources. In light of the foregoing, the Company's Chief Financial Officer resigned on April 15, 2013.
If you are aware of any facts relating to this investigation, or purchased shares of AdCare, you can assist this investigation by contacting Peretz Bronstein of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email at firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address, email 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. Attorney advertising. Prior results do not guarantee similar outcomes.