AAC Holdings, Inc. (NYSE:AAC) Files An 8-K

AAC Holdings, Inc. (NYSE:AAC) announced that certain of its subsidiaries have reached a resolution with the Attorney General of the State of California. Under terms of a stipulated settlement, which was entered by court order on October 21, 2016, the Attorney General of the State of California has dismissed all criminal charges against the Company’s subsidiaries, American Addiction Centers, Inc. (formerly known as Forterus, Inc.), Forterus Health Care Services, Inc. and ABTTC, Inc. in the case entitled People v. McCausland, et al. 

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As part of the settlement, the Company has agreed to implement and maintain over the next three years certain compliance, internal audit and quality review programs to ensure high standards for safety, reliability and clinical outcomes for its operations in California. These programs will be monitored by an independent party for effectiveness at the Company’s expense. AAC will pay the State of California $549,986 for costs related to the legal proceedings and $200,000 as a civil monetary penalty.

Michael Cartwright, Chairman and Chief Executive Officer of AAC Holdings noted, “We are pleased to put this matter behind us and to clear the Company’s subsidiaries. We can now fully focus our commitment and passion on serving clients and their families who are overwhelmed by addiction in California and throughout the United States.”

About American Addiction Centers

American Addiction Centers is a leading provider of inpatient and outpatient substance abuse treatment services. We treat clients who are struggling with drug addiction, alcohol addiction, and co-occurring mental/behavioral health issues. We currently operate substance abuse treatment facilities located throughout the United States. These facilities are focused on delivering effective clinical care and treatment solutions. For more information, please find us at AmericanAddictionCenters.org or follow us on Twitter @AAC_Tweet.

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