SAN FRANCISCO--()--Investor-rights law firm Hagens Berman Sobol Shapiro LLP today informed investors of the Oct. 29, 2012, deadline in a class-action lawsuit filed against Assisted Living Concepts (NYSE:ALC) (“ALC”).
Investors who purchased shares of ALC between March 12, 2011, and Aug. 6, 2012, and who have significant losses, may contact Hagens Berman partner Reed R. Kathrein to discuss moving for lead plaintiff in the lawsuit. Investors can contact Mr. Kathrein by calling 510-725-3000 or by emailing ALC@hbsslaw.com.
The Securities and Exchange Commission is investigating the company for potential violations of the securities laws and has issued a subpoena requesting documents related to occupancy covenants at various ALC facilities and the leasing of units for employee use.
The class-action lawsuit alleges that the company misled its shareholders by failing to disclose material information, namely that ALC failed to maintain minimum occupancy rates at several facilities in violation of its lease agreement. The lawsuit also claims that ALC hid its failure to maintain minimum occupancy rates by including units leased to its own employees.
Following ALC’s disclosure of the SEC probe on Aug. 7, 2012, the company’s stock lost more than 25 percent of its value.
More information about this lawsuit is available at www.hb-securities.com/investigations/ALC.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in 10 cities. The firm represents whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com. The firm’s securities law blog is at www.meaningfuldisclosure.com.