American Renal Associates Holdings Inc. announced in a Securities and Exchange Commission filing on May 10 that it will delay release of its first-quarter earnings.
The announcement is part of an ongoing effort by the company to re-calculate financial data during the last several years after finding deficient accounting practices.
“American Renal Associates Holdings Inc. ... is unable to timely file its quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2019 (the “Form 10-Q”) by the prescribed May 10, 2019 due date without unreasonable effort ... As previously disclosed, an audit committee formed by the company’s board of directors has been reviewing the company’s revenue statements over the last several years,” according to the SEC filing.
The company acknowledged in an 8-K statement filed on March 27 that it had consolidated financial statements and other financial data for the prior fiscal periods, including the first three fiscal quarters of 2018, that “should be restated and should no longer be relied upon.” After the dialysis provider reported it would need to restate its yearly financial statements dating back to 2014, the company’s stock price went down to $6.01 per share from a high of $14 in March.
The stock price was at $7.16 per share on May 10.