FOR IMMEDIATE RELEASE
Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether American Renal Associates Holdings, Inc. (“ARA” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the District of New Jersey by another law firm on behalf of purchasers of the common stock of American Renal Associates Holdings, Inc. (NYSE: ARA) between August 10, 2016 and March 27, 2019 inclusive (the “Class Period”).
The complaint alleges that ARA and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose: (1) issues with ARA’s accounting process for revenue recognition, collections, and related matters would give rise to an SEC investigation into the same, and increased regulatory scrutiny by the SEC; (2) ARA’s financial statements for the fiscal years 2014, 2015, 2016, and 2017 contained in its Annual Reports for the years ended December 31, 2016 and 2017, and its condensed consolidated financial statements in quarterly reports from 2016 through 2018, were false and could not be relied upon; (3) ARA had material weaknesses in its internal control over financial reporting; and (4) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
On March 8, 2019, ARA announced a delay in filing its 2018 Form 10-K, citing an examination of reserve computations and other accounting practices. The price of ARA shares fell from $12.51 on March 7, 2019 to $10.46 on March 8, 2019.
On March 27, 2019, ARA announced the resignation of its Chief Financial Officer and that it would restate its financials for fiscal years 2014 through 2017. The Company further noted that its investigation into accounting procedures continued. ARA fell from $9.70 on March 27, 2019 to $6.01 on March 28, 2019.
Cohen Milstein encourages all investors who purchased ARA common stock between August 10, 2016 and March 27, 2019, or former employees with information concerning this matter to contact the firm.
If you are an ARA shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at firstname.lastname@example.org. If you wish to serve as lead plaintiff, you must move the Court no later than May 28, 2019 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors and has been responsible for a number of outstanding recoveries which, in the aggregate, total billions of dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
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