San Diego, CA -- (SBWIRE) -- 07/18/2012 -- Certain officer and directors of Assisted Living Concepts, Inc. are under investigation over potential breaches of fiduciary duties in connection with certain financial statements.
Investors who are current long term stockholders in shares of Assisted Living Concepts, Inc. (NYSE:ALC), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether Assisted Living Concepts, Inc. made materially false and misleading statements and omissions regarding its financial performance and compliance with applicable rules and regulations.
On May 3, 2012, after the market closed, Assisted Living Concepts, Inc. announced that it will delay its previously announced May 3, 2012 earnings release and conference call discussion regarding its 2012 first quarter financial results.
Then on May 4, 2012 Assisted Living Concepts, Inc said in a statement that on May 3, 2012 its Board of Directors determined to investigate possible irregularities in connection with the Company’s lease with Ventas Realty, Limited Partnership, the landlord for eight assisted living facilities operated by Assisted Living Concepts, and retained counsel for such purpose.
Following the news, NYSE:ALC shares dropped from over $19 on May 3, 2012 to as low as $12.64 per share on June 13, 2012.
On july 17, 2012, NYSE:ALC shares closed at $14.08 per share, significantly below its current 52weekHigh of $20.33 per share.
Those who are current long term stockholders in shares of Assisted Living Concepts, Inc. (NYSE:ALC), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego