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American Renal Associates Holdings, Inc.
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, is investigating potential securities fraud claims on behalf of shareholders of American Renal Associates Holdings, Inc. (NYSE: ARA) resulting from allegations that American Renal and/or its executives may have issued materially misleading business information to the investing public.
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AMERICAN RENAL (ARA) INVESTIGATION: BERNSTEIN LIEBHARD LLP ANNOUNCES INVESTIGATION OF AMERICAN RENAL ASSOCIATES HOLDINGS, INC. – ARA
March 14, 2019.
New York, New York—Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, is investigating potential securities fraud claims on behalf of shareholders of American Renal Associates Holdings, Inc. (“American Renal” or the “Company”) (NYSE: ARA) resulting from allegations that American Renal and/or its executives may have issued materially misleading business information to the investing public.
On March 8, 2019, American Renal disclosed, among other things, that its “Audit Committee is 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 ended December 31, 2014, 2015, 2016 and 2017, the fiscal quarters within those fiscal years and the first three fiscal quarters of 2018.” In October 2018, the Staff of the Securities and Exchange Commission (“SEC”) requested that American Renal voluntarily provide documents and information relating to certain revenue recognition, collections and related matters. As a result of the SEC’s request, the Company’s Audit Committee began an examination of the Company’s revenue recognition methodology and related accounting matters, such as internal control over financial reporting related to revenue recognition and related matters.
On this news, shares of American Renal fell $2.05 per share or over 16% to close at $10.46 per share on March 8, 2019, damaging investors.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.