An investigation on behalf of investors in AAC Holdings Inc (NYSE:AAC) shares over potential wrongdoing at AAC Holdings was announced and NYSE:AAC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/26/2015 -- An investigation on behalf of current long-term investors in shares of AAC Holdings Inc (NYSE:AAC) shares was announced over potential breaches of fiduciary duties by certain officers and directors at AAC Holdings.
Shares of AAC Holdings Inc (NYSE:AAC) declined from $40.28 per share on July 30, 2015, to as low as $16.38 per share on August 4, 2015.
Investors who purchased shares of AAC Holdings Inc (NYSE:AAC) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call 858-779-1554.
The investigation by a law firm concerns whether certain AAC Holdings officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
An article alleged that shares of AAC Holdings Inc, also known as American Addiction Centers, are likely to fall by at least 50%, as it inflated its revenues and margins by conducting medically unnecessary testing. The article claims that it revealed that AAC Holdings Inc subsidiaries are testing their clients 6-12x more frequently than necessary and are then running unnecessary confirmatory tests which are then billed to insurance companies. The article further stated that AAC Holdings Inc is already the subject of one lawsuit in New Jersey alleging fraudulent billing with respect to excessive urine testing and that while AAC Holdings Inc has exited New Jersey, the same practices are still going on in other states. Shares of AAC Holdings Inc (NYSE:AAC) declined to as low as $29.75 per share on March 3, 2015.
On August 4, 2015, news reports revealed that several AAC Holdings employees have been named in a criminal indictment alleging murder charges for the death of a former AAC Holdings patient. The employees allegedly named as defendants for the death of the former patient are the AAC Holdings former president, Jerrod Menz, a former board member, a current employee and three former employees.
Those who purchased shares of AAC Holdings Inc (NYSE:AAC), have certain options and should contact the Shareholders Foundation.
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