NEW YORK, April 05, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey against American Renal Associates Holdings, Inc. (NYSE: ARA) (“American Renal” or the “Company”) on behalf of investors who purchased shares of the Company’s common stock between August 10, 2016 and March 27, 2019, inclusive (the “Class Period”).
Investors who purchased shares of American Renal Associates Holdings, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.
If you have incurred losses in the shares of American Renal Associates Holdings, Inc., you may, no later than May 28, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in American Renal Associates Holdings, Inc.
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The filed complaint alleges that defendants made materially false and misleading statements to investors during the Class Period, and failed to disclose to investors that:
- the Company’s financial statements were false and could not be relied upon; and
- American Renal had material weaknesses in its internal controls over financial reporting. The complaint further alleges that, as a result of the foregoing, investors purchased American Renal’s common stock at artificially inflated prices during the Class Period and suffered investment losses as a result of the defendants’ conduct.
On March 8, 2019, American Renal disclosed that it was delaying the filing of its fiscal 2019 Annual Report, and that the Company’s Audit Committee was “examining reserve computations and other accounting practices that could have an impact on accounts receivable and revenue for the fiscal year ended December 31, 2018, as well as the previously reported fiscal years….”
Following this news, shares of the Company’s stock declined $2.05 per share, or over 16% in value, to close on March 8, 2019 at $10.46 per share, on heavy trading volume. Subsequently, on March 27, 2019, American Renal disclosed that the Company’s previously issued financial statements for fiscal years 2014 – 2017 “should be restated and should no longer be relied upon,” and that the Company’s Chief Financial Officer had resigned effective March 26, 2019.
Following this additional news, shares of the Company’s stock declined an additional $3.69 per share, or 38% in value, to close on March 28, 2019 at $6.01 per share Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com , kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
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