NEW YORK, May 21, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in AAC Holdings, Inc. ("AAC" or the "Company")(NYSE:AAC) of the July 15, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in AAC stock or options between March 8, 2017 and April 15, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/AAC. There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330, or by sending an e-mail to rgonnello@faruqilaw.com.

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Attn:  Richard Gonnello, Esq.
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The lawsuit has been filed in the U.S. District Court for the Middle District of Tennessee on behalf of all those who purchased AAC securities between March 8, 2017 and April 15, 2019 (the "Class Period"). The case, Caudle v. AAC Holdings, Inc. et al., No. 19-cv-00407 was filed on May 16, 2019 and has been assigned to Judge Eli J. Richardson.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) AAC’s internal control over financial reporting and disclosure controls and procedures was inadequate to accurately reflect adjustments related to estimates for accounts receivable, provision for doubtful accounts, and revenue; (2) AAC consequently misstated financial and operating results in its annual reports for fiscal years 2016 and 2017, as well as all quarterly reports throughout 2017 and 2018; (3) accordingly, those reports could not be relied upon, requiring AAC to restate the financial and operating results reflected therein; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On April 16, 2019, AAC disclosed that certain financial statements for fiscal years 2016, 2017, and 2018 could no longer be relied upon, and stated that these financial statements would be restated to reflect adjustments related to estimates for accounts receivable, provision for doubtful accounts, and revenue.

On this news, AAC's share price fell from $2.14 per share on April 15, 2019 to a closing price of $1.74 on April 16, 2019: a $0.40 or a 18.69% drop.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding AAC's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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