May 07, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in NYSE:ALC shares over potential securities laws violations by certain officers and directors at Assisted Living Concepts, Inc. in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Assisted Living Concepts, Inc. (NYSE:ALC) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements made about Assisted Living Concepts business, its prospects and its operations were potentially materially false and misleading at the time they were made.

Assisted Living Concepts reported that its annual Revenue rose from $228.72million in 2009 to $234.45million in 2011 and its Net loss of $0.15million in 2009 turned into a Net Income of $24.36million in 2011.

Shares of Assisted Living Concepts, Inc. (NYSE:ALC) rose after its split on June 16, 2011 from as low as $11.37 per share on September 22, 2011 to as high as $19.17 per share on May 3, 2012

However, then on May 3, 2012, after the market closed, Assisted Living Concepts, Inc. announced that it will delay its previously announced May 3, 2012 earnings release and conference call discussion regarding its 2012 first quarter financial results.
Then on May 4, 2012 Assisted Living Concepts, Inc said in a statement that on May 3, 2012 its Board of Directors determined to investigate possible irregularities in connection with the Companys lease with Ventas Realty, Limited Partnership, the landlord for eight assisted living facilities operated by Assisted Living Concepts, and retained counsel for such purpose.

Following the news, NYSE:ALC shares dropped from over $19 on May 3, 2012 to as low as $16.26 per share and closed on May 4, 2012at $16.80 per share.