Health & Fitness
Thu, September 13, 2012
SAN DIEGO--([ BUSINESS WIRE ])--Shareholder Rights Law Firm [ Johnson & Weaver, LLP ] announces it is investigating whether certain officers and directors of Assisted Living Concepts (NYSE: ALC) (aALCa) breached their fiduciary duties to the company and violated federal securities laws by making false and misleading statements about its facilitiesa rental rates. Specifically, in its Securities and Exchange Commission filings, ALC represented that it was in compliance with all of its lease covenants, including one of its landlordas requirements that it maintain an occupancy rate of 82% of abona fidea residents. It is alleged that many of its aoccupantsa were actually employees of the company. ALC recently settled a lawsuit brought by the landlord for $19.5 million. In addition, ALC announced the termination of its CEO on May 29, 2012, and on August 7, 2012, announced that the SEC was conducting an investigation. Upon this news, ALC's stock price fell by 26.74% on unusually heavy trading.
Johnson & Weaver, LLP invites ALC shareholders who are concerned about their legal rights and remedies to contact attorney Brett Weaver at (619) 230-0063 or [ brettw@johnsonandweaver.com ].
Johnson & Weaver, LLP is a nationally recognized shareholdersa rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit [ http://www.johnsonandweaver.com ].
