AAC.US
id: 790
AAC Holdings, Inc. (AAC) $3.75M Investor Settlement
M.D. Tennessee
Court3:19-cv-00407
Case number03/08/2017
Class period Start04/15/2019
Class period End11/24/2023
Claim deadlineAAC Holdings, Inc. (AAC) agreed to settle $3.75M with investors to avoid further litigation.
The complaint alleged that the Company and its Leaders made materially false and misleading statements regarding the Company's business, operational, and compliance policies, specifically:
- 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;
- 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;
- those reports could not be relied upon, requiring AAC to restate the financial and operating results reflected therein;
As a result, the Company's public statements were materially false and misleading at all relevant times.
Case Status
Disbursement
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.18
Filing date
05/16/2019
Plaintiffs
Indiana Public Retirement System
Attorneys
Robbins Geller Rudman & Dowd LLP
Defendants
Michael T. Cartwright, Kirk R. Manz, Andrew McWilliams
Judge
Hon. Eli J. Richardson
Administrator
Gilardi & Co LLC
Court hearing date
10/18/2023
Exclusion deadline
09/27/2023
Objection deadline
09/27/2023
Hearing deadline
09/27/2023
Trades matching type
FIFO
Disbursement date
12/03/2024
+$3,750,000
Cash Settlement Amount