LOS ANGELES, March 29, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of American Renal Associates Holdings, Inc. investors (“American Renal” or the “Company”) (NYSE: ARA) concerning the Company and its officers’ possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

On March 8, 2019, American Renal disclosed that in October 2018 the SEC had requested documents and information regarding revenue recognition, collections, and other related matters. Also, the Company announced that it would delay filing its 2018 annual report while the Audit Committee investigated the Company’s revenue recognition methods and accounting practices.
On this news, shares of American Renal fell $2.05 per share, or over 16%, to close at $10.46 on March 8, 2019, thereby injuring investors.

On March 27, 2019, American Renal announced that certain financial statements would be restated and that its Chief Financial Officer had resigned. The Audit Committee had found that the Company “did not appropriately reconcile its contractual allowance estimates for discounts and price concessions with cash subsequently received in respect of prior period patient claims.” The required adjustments would reduce operating income for fiscal 2017 by at least $10 million and would have a cumulative impact on fiscal years 2014 to 2018 in the range of negative $5 million to positive $5 million. Furthermore, the Company expected to revise related metrics “such as revenue per treatment and days sales outstanding” during the affected financial periods based on the Audit Committee’s ongoing review.  

On this news, shares of American Renal fell as much as $1.80, or 18%, in post-market trading, thereby injuring investors further.

If you purchased American Renal securities, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067 at 310-201-9150, Toll-Free at 888-773-9224, or visit our website at www.glancylaw.com.  If you inquire by email please include your mailing address, telephone number, and the number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
www.glancylaw.com 
shareholders@glancylaw.com