By MATT BLOIS
Brentwood based addiction treatment company American Addiction Centers is out of compliance with New York Stock exchange rules because it hasn’t filed an annual report on time.
A press release states the company is working to finalize its annual report and expects to do so shortly, “although no assurances as to timing may be made.”
The company had already filed a document with the SEC on March 19, stating that it wouldn’t file its annual report on time. In that filing the company said the report was late because it was conducting an analysis of its finances.
On March 29, AAC reported that it would have to adjust some previous financial statements after analyzing its finances. An assessment of the company found a material weakness in AAC’s internal controls over financial reporting.
The company will have to lower previous financial reports dating back several years by about $65 million.
In the latest document, filed on April 9, the company reports that it received a written notice from the New York Stock exchange that it was not in compliance with the exchange’s rules.
The company stated that the annual report still hasn’t been published yet because it’s in the process of adjusting financial statements from previous years.
AAC reported some operating results from its fourth quarter on March 13, but didn’t include detailed financial results. It also canceled a conference call with investors. It still hasn’t published financial results for the fourth quarter or held a conference call.