NEW YORK, Oct. 20, 2012 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. reminds investors of the October 29, 2012 lead plaintiff deadline in the securities class action. If you purchased the common stock of Assisted Living Concepts, Inc. (NYSE:ALC) during the period between March 12, 2011 through August 6, 2012, you should contact the Rosen Law Firm for more information about your rights to serve as lead plaintiff. The lawsuit seeks to recover damages for investors from violations of the federal securities laws.
To join the ALC class action, visit the firm's website at http://www.rosenlegal.com, or call Jonathan Horne, Esq., or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email firstname.lastname@example.org or email@example.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The complaint charges that pursuant to a lease signed in 2008, ALC was required to maintain an 82% occupancy rate in 8 facilities it leased from Ventas Realty, LP. In its Securities and Exchange ("SEC") filings, ALC stated that it was in compliance with all lease covenants. In truth, ALC was not maintaining an 82% occupancy rate. Rather, it was concealing its non-compliance by treating units leased to employees as bona fide leases.
ALC's audit committee announced an investigation early May of 2012, and announced the termination of its CEO on May 29, 2012. On August 7, 2012, ALC announced that the SEC was conducting an investigation of ALC. ALC announced that the investigation related in part to "leasing of units for employee use." Upon this news, ALC's stock price fell by 26.74% on heavy volume.
If you wish to serve as lead plaintiff, you must move the Court no later than Monday, October 29, 2012. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Jonathan Horne, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at firstname.lastname@example.org or email@example.com. The class action is pending in the U.S. District Court for the Eastern District of Wisconsin.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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CONTACT: Phillip Kim, Esq. Jonathan Horne, Esq. The Rosen Law Firm P.A. 275 Madison Avenue, 34th Floor New York, New York 10016 Tel: (212) 686-1060 Weekends Tel: (917) 562-8616 Toll Free: 1-866--767-3653 Fax: (212) 202-3827 firstname.lastname@example.org email@example.com www.rosenlegal.comSource: The Rosen Law Firm PA PC