Shareholders Say Assisted Living Hid Low Occupancy, Citations

Law360, New York (August 30, 2012, 5:29 PM EDT) -- Senior housing company Assisted Living Concepts Inc. and its former CEO were hit in Wisconsin federal court Wednesday with a securities class action claiming they misled investors about their compliance with the terms of an eight-community acquisition and hid citations issued by state health regulators.

Despite occupancy rates falling well below the required 82 percent level and violation notices from community health regulators at three facilities, ALC continued to represent in filings with the U.S. Securities and Exchange Commission that it was in compliance with the...
To view the full article, register now.